Asked by Jenna
You invest $5000 at 3% compounded monthly for 15 years. How much interest will you earn?
Answers
Answered by
Henry
P = Po * (1+r)^n
r = (3%/12)/100% = 0.0025 = Monthly %
rate expressed as a decimal.
n = 12Comp./yr * 15 yrs. = 180 Compounding periods.
Solve for P.
I = P-Po
r = (3%/12)/100% = 0.0025 = Monthly %
rate expressed as a decimal.
n = 12Comp./yr * 15 yrs. = 180 Compounding periods.
Solve for P.
I = P-Po
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