# math

posted by john

find the compound ammount \$1000 at 6% compounded annually for 8 years

Use A=P*(1+i)^n where P=1000, i=.06 and n=8
P is the Principal, i is the annual interest rate expressed as a decimal,and n in the number of periods in the compounding period.
BTW, are you the one who asked the question about the effective interest rate this past weekend? If so, I had to ammend my post and I hope you caught that.

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