$3762 will be have in the account if I deposit $500 per year in an account for six years at 9 percent compounded annually.
Money kept at a bank is referred to as a deposit in the world of finance. A deposit is a deal in which money is given to someone else to keep safe. A percentage of money used as security or collateral for the delivery of a good can also be referred to as a deposit.
A deposit can signify one of two things. An example of a deposit is when money is given to someone else to keep safe. According to this definition, a deposit is cash that an investor deposits into a checking or savings account with a bank or credit union.
In this case, the deposited funds are still the property of the person or organization who made the deposit, and they may be withdrawn at any moment.
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