Compound Interest

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Formula for continuous compounding with principal $1,240.00 and interest rate 2.85%.

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You are saving for a down payment on a house. You need $200,000. How much should you deposit into an account earning 3.75% interest compounded weekly? Which equation below would help you calculate the answer to this question?

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What equation would you use to calculate your weekly deposit if you needed $10,000 in 3 years, compounded monthly, at 2.4% interest?

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Equation to calculate future value of $1500 at 5.2% compounded continuously for 12 years.

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Formula to calculate balance after 5 years with $1,000 deposit at 3% simple interest.

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B=P+Prt

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An amount of $300.00 is deposited in a bank every month paying an annual interest rate of 3 %, compounded daily for 10 years. Which formula would you use to find the future value?

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An amount of $2,000.00 is deposited in a bank paying an annual interest rate of 2.85 %, compounded monthly. What formula would you use to find the future value?

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A deposit or payment that is deposited into an investment at set intervals, i.e. weekly, daily, monthly, etc.

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Periodic Payment, periodic, periodic deposit

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The n in the compounding formula stands for...

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number of times compounded

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the t in the compounding formula stands for ....

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time in years