What's an easy way to calculate compound interest without doing each equation one by one?
Yes, the equation is
FV is the future value
PV is the present value
r is the interest rate per compounding period as a decimal
n is the number of compounding intervals
$3000 invested at 6% pa compouned monthly for 5 years.
pa stands for per annum which is per year. But since it is compounded montly the rate is 0.06/12 = 0.005
FV=3000*(1+0.005)^60 = $4046.55