Wednesday

April 23, 2014

April 23, 2014

Posted by **Sawa** on Saturday, May 8, 2010 at 5:42pm.

- math -
**MathMate**, Saturday, May 8, 2010 at 7:43pmThe compound interest formula is

Amount = P(1+r)^{n}

where

P=principal,

r=rate of interest per period (year in this case). 5% per annum is written as 0.05

n=number of periods money is deposited.

For example,

$3000 deposited at 5% per annum for 2 years will yield, when compounded yearly:

Amount=3000*(1+0.05)^{2}

=$3307.50

For 3000 invested at 3% interest compounded yearly for 4 years will yield an amount less than $3400 and in which the amount after the decimal point is $33--.53.

- math -
**Jasmane**, Friday, October 14, 2011 at 4:19amPrincipal is $5,000, rate if interest is 6.5%, and time to repayment is 3 years. Compute the compound interest

**Related Questions**

math - If $3,000.00 is deposited into an account paying 3% interest compounded ...

Math - If $3,000.00 is deposited into an account paying 3% interest compounded ...

math - If $3,000.00 is deposited into an account paying 4% interest compounded ...

Math - Please check my work, thank you If $7,800 is deposited into an account ...

Math 115 - If $9,000.00 is deposited into an account paying 4% interest ...

mat 115 - If $1,000.00 is deposited into an account paying 3% interest ...

math - If $7,800 is deposited into an account paying 6% interest compounded ...

math - If $7,800 is deposited into an account paying 6% interest compounded ...

math 115 #17 - If $5,600 is deposited into an account paying 5% interest ...

math115 - Steve was charged $75.00 interest for 1 month on a $3,000 credit card ...