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August 21, 2014

August 21, 2014

Posted by **shakera** on Wednesday, August 3, 2011 at 9:26am.

P=2500, r=12%, t=20yrs, n=2

- elementary algebra -
**drwls**, Wednesday, August 3, 2011 at 9:39amThe question is about compound interest, not compounds.

n is presumably the number of interest payments per year.

If so, the balance at the end of 20 years is

P*(1 + r/n)^(n*t)

= 2500*(1.06)^40 = ?

Do the numbers. The principal will double about every 6 years, so there will be a lot more money in 20 years.

If you don't have a pocket calculator, type the experession

2500*(1.06)^40

into Google.com.

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