I am trying to figure out how to do this problem on my calculator. I have a principle sum of $30,000 at an interest rate of 2.5% compounded 4 times a year for 10 years. I’m trying to figure out a) how much money will be in the account after the 10 years and b) the amount of interest.
This is the formula I have so far: A=30000(1+.25/4)^10
I know the answers are a) $38490.80 and b) $8490.80 but I can’t get that answer on my calculator. I have a cheap (crappy) Casio fx-260? Can anyone help please?
2006-10-23 14:33:47 · 4 answers · asked by AZmomm43 4 in Education & Reference ➔ Homework Help
A = P (1+I/p)^(p*y)
P = principal, I = interest in decimal/year, p = # of periods, y = years.
So in your case 30k(1+ 0.025/4)^(4*10) = 38490.80
2006-10-23 14:42:12 · answer #1 · answered by feanor 7 · 1⤊ 0⤋
just go to your bank & ask them what formula they use. It has been so long since I got out of school,that I forgot most of that stuff.
2006-10-23 14:40:56 · answer #2 · answered by Tired Old Man 7 · 0⤊ 1⤋
i'm bad at math
2006-10-23 14:35:30 · answer #3 · answered by ilih2006 1 · 0⤊ 1⤋
i dont get it either
2006-10-23 14:41:01 · answer #4 · answered by Ambassador of Evil 3 · 0⤊ 1⤋