100*((1+.0001/12)^12-1-1)/.0001/12 Can you tell me how do I successfully plug this into the calculator to arrive at the correct answer? When I get to the part that I enter the ^ before the 12 it goes all wrong. the answer comees to -83 324.9996180449457887 and the answer should be .00000833. Please help
+129840 See how WolframAlpha interprets this :
https://www.wolframalpha.com/input/?i=100*((1%2B.0001%2F12)%5E12-1-1)%2F.0001%2F12
Do you have it written correctly???
Your formula is written wrong!!. First, your interest rate is way too small. It is actually 1/10 of 1%. I believe it should be at least 1%. Second, you are subtracting 1 twice. It should be subtracted only once. I believe your formula should look like this:
100*{(1 + .01/12)^12 - 1} / (.01/12)
100 * 12.05515=1,205.52
