Asked by Sonya

$625.00 investested in retirement fund for 10 years @ 3.84% compounded
Answered by Steve
625(1+.0384)^10 = 911.02
if compounded annually
Answered by Sonya
Steve, if compounded monthly for 10 yeays how do i calculate it
Answered by Steve
Just alter the formula -- divide the interest rate so it applies monthly, then multiply the number of compounding periods. Surprised you didn't know that, presumably having studied the material . . .

625(1+.0384/12)^(12*10)
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