A t = P ( ( 1 + r n ) n t − 1 ) r n Substitute in the values. t = 18 Knowing P = 100, r = 0.05, n = 12 and t = 18, use the sum formula. r = 0.05 Identify n, the number of times the deposit will be made and the interest compounded each year. P = 100 Identify r, the annual interest rate, in decimal form. Identify P, the amount invested each month.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |