N number of. Step 1 We will initiate writing the FVSCHEDULE function into cell B6. In the formula A represents the final amount in the account that starts with an initial principal P using interest rate r for t years.
Lets look at the quantities in the problem statement.
Learn the Compound Interest Formula in this free math video by Marios Math Tutoring005 Formula for Calculating Compound Interest038 Example 1 5000 at 8. Compound interest is taken from the initial or principal amount on a loan or a deposit plus any interest that has already accrued. Gather variables the compound interest formula. Multiply P by 1 your interest rate r given in a decimal.