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.