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- Thread starter Tess204
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Deleted member 4993
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Tess204 said:Question:
Find the interest earned on an investment of $3400. The interest rate is 8% compounded monthy for 5 years.
What equations have been taught to calculate parameters of compound interest?
Please share your work with us, indicating exactly where you are stuck - so that we may know where to begin to help you.
Tess204 said:Question:
Find the interest earned on an investment of $3400. The interest rate is 8% compounded monthy for 5 years.
$3400 + 8% x 5 $18,360 - $3400 + $14,960.
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Deleted member 4993
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Tess204 said:Question:
Find the interest earned on an investment of $3400. The interest rate is 8% compounded monthy for 5 years.
Interest earned = 3400*[(1+.08/12)^60 - 1] = $1665.48
Jane, are you saying that if I lend you $3,400janesmith said:$3400 + 8% x 5 $18,360 - $3400 + $14,960.Tess204 said:Question:
Find the interest earned on an investment of $3400. The interest rate is 8% compounded monthy for 5 years.
you will pay me back in 5 years with $18,360 ?
If so, you gotta deal!! (If your credit rating is ok!).