blamebrampton (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
blamebrampton) wrote2010-03-08 08:01 pm
blamebrampton) wrote2010-03-08 08:01 pm
ARGH! Need maths help!
I was once good at maths.
I know I should know how to do this, but I cannot remember enough to see if my method is effective or not. I found a website that will let me punch in numbers and give me an answer, but I want to check it! So I am hoping that![[livejournal.com profile]](https://www.dreamwidth.org/img/external/lj-userinfo.gif)
shocolate or someone similarly gifted is up and about.
I start with $50. Every week, I add $50. I have a compounding interest rate of 9.96%. I compound it annually, or monthly (two results). What do I have at the end of 21 years?
More than happy to do all the actual working if someone can remind me of what the formulae are.
I know I should know how to do this, but I cannot remember enough to see if my method is effective or not. I found a website that will let me punch in numbers and give me an answer, but I want to check it! So I am hoping that
shocolate or someone similarly gifted is up and about.I start with $50. Every week, I add $50. I have a compounding interest rate of 9.96%. I compound it annually, or monthly (two results). What do I have at the end of 21 years?
More than happy to do all the actual working if someone can remind me of what the formulae are.
no subject
Balance = P(1+i)^n + c/i[(1+i)^n-1]
P=principal, i=interest/period, n=# periods, c=contribution/period
You've probably figured it all out by now, though :)