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I would choose option 1.
Compounding math formula. A is the amount of money accumulated after n years including interest. The initial amount is the principal p 5000 6 years. Round your answer to two decimal places p 2300 r 1. Use the compound amount formula and a calculator.
Remember it because it is very useful. This is the basic formula for compound interest. M 1000 1 0 05 3 1157 62. Solution for calculate the compound amount.
When the interest is compounded once a year. N is the number of years the amount is deposited or borrowed for. Going backwards to work out the present. The rate is r 0 03 and the number of times compounded each year is m 12 initial investment of 5 000.
A p 1 r 5. Compound interest make a formula. The bank gives you a 6 interest rate and compounds the interest each month. Your 1000 would grow to be 1157 62 after three years.
A p 1 r n n t a 1 000 000 1 06 12 12 5 a 1 000 000 1 0 005 12 5 a 1 000 000 1 005 60 a 1 348 850 15. So adding 10 interest is the same as multiplying by 1 10 now here is the magic. A p 1 r n. We could do the.
Here s how you would get that answer using the formula and applying it to the known variables. For example let s say that you have 1000 to invest for three years at a 5 percent compound interest rate.
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