Compound math

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(Future Value) Suppose you invest $8000 into an account that pays an annual interest rate of 6.2%. How much is in the account after 30 years if

a. simple interest is compound monthly?
b. interest is compounded monthly?
c. interest is compounded daily?

  • Compound math -

    P*(1+i)* Exponent which is time invested

    $8000x(1+.o62)30

    $8000 x ((1 + .062)^30) = $48,621.1794 U.S. dollars

  • Compound math -

    $24,000 is invested for 5 years with APR of 2% in daily compounding.What is the balance in account after 5 years?

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