posted by Sonya on .
$625.00 investested in retirement fund for 10 years @ 3.84% compounded
625(1+.0384)^10 = 911.02
if compounded annually
Steve, if compounded monthly for 10 yeays how do i calculate it
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 . . .