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Algebra 106

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$625.00 investested in retirement fund for 10 years @ 3.84% compounded

  • Algebra 106 - ,

    625(1+.0384)^10 = 911.02
    if compounded annually

  • Algebra 106 - ,

    Steve, if compounded monthly for 10 yeays how do i calculate it

  • Algebra 106 - ,

    Just alter the formula -- divide the interest rate so it applies monthly, then multiply the number of compounding periods. Surprised you didn't know that, presumably having studied the material . . .

    625(1+.0384/12)^(12*10)

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