You invest $5,000 at 3% monthly for 15 years. How much interest will you earn?
P = Po*(1+r)^n
r = (3%/12)/100% = 0.0025 = Monthly % rate expressed as a decimal.
n = 12Comp./yr. * 15yrs. = 180 Compounding periods.
Solve for P.
I = P-Po
r = (3%/12)/100% = 0.0025 = Monthly % rate expressed as a decimal.
n = 12Comp./yr. * 15yrs. = 180 Compounding periods.
Solve for P.
I = P-Po