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compound interest formula algebra 1. How long would it take for an investment of 3500 to become 4200 if it is invested in an account that earns 6 compounded monthly. After one year you will have 100 10 110 and after two years you will have 110 10 121.
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Suppose you give 100 to a bank which pays you 10 compound interest at the end of every year. A P 1 r n n t r 12 100 0012. At P 1 r nnt A t P 1 r n n t For example observe the table below which shows the result of investing 1000 at 10 for one year.
After 6 years there will be 3073425 dollars in the bank account.
I would choose option 1. N number of payment periods number of interest periods times number of years. Suppose you give 100 to a bank which pays you 10 compound interest at the end of every year. If you repeat this multiply current amount by 1 p 100 to get new amount n time you arrive at.
