ARGH! Need maths help!

[blamebrampton]

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 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.

Comments

Re: Weeks in 21 years

[blamebrampton.livejournal.com]

Quite right! And, as I realised after the first three minutes of trying to check independently, the money goes in weekly and is compounded monthly, so that won't fit easily unless I take an average monthly amount, which I may as well do, actually ...

Back to sherryillk's formula! It wouldn't work for me for m>c, but maybe it will if m=c!

I knew I would regret not practicing my maths as much as my French and Italian one day!