Find the compound interest on $450 for 2 years at 6% per annul compounded monthly
+118608 Find the compound interest on $450 for 2 years at 6% per annul compounded monthly
First you find the future value using the formula FV=P(1+i)^n
i = the monthly interest rate
n= the number of months
P=principal that is the amount you invested
THEN
int = FV - P
You can probably do it now. You can post again if you get stuck.
+118608 Find the compound interest on $450 for 2 years at 6% per annul compounded monthly
First you find the future value using the formula FV=P(1+i)^n
i = the monthly interest rate
n= the number of months
P=principal that is the amount you invested
THEN
int = FV - P
You can probably do it now. You can post again if you get stuck.
