Question

compounded interest at 8% annually for 20 months do i divide the percent by months or vice versa? thanks in advance

Answer 1

A= p ( 1 + r)^t
Need to know how many yrs 20 myths is

Answer 2

Change the percent to a decimal
8/100
Use that in the formula

Answer 3

.08

Answer 4

8% annually and 6% quartley both 5 yrs

Answer 5

can you just explain where the 100 came in to play

Answer 6

Above will work for annually

A= p( 1 +(r/4))^4t

For quarterly

Answer 7

sorry still learning this getting old now at 57 to get my degree lol

Answer 8

but they do say its never to late lol

Answer 9

Think of 1/2 = .5
To change a decimal to a%, we then mult by 100
To get 50%

To change a percent to a decimal, we do just the opposite
And divide by 100

Answer 10

You are right never too late

Answer 11

that part i understand

Answer 12

what type of calculator do i need?

Answer 13

In the formulas above the p is the principle, the amt you start out with,
Just substitute the info in and solve

Answer 14

its that type of formula i am still trying to learn

Answer 15

sorry for being slow in understanding

Answer 16

i appreciate the help

Answer 17

In the annual problem how much do they tell you to start with?

Answer 18

500000
8%

Answer 19

compounded

Answer 20

6% quarterly
same yrs

Answer 21

A = 500,00( 1 + .08) ^(20/12)

If you have a calculator that has parentheses , and can do
Exponents...put it just like that
If you are studying alg, a graphing calc would be good

Answer 22

will look to see which i have

Answer 23

buisness math

Answer 24

just found one online lol

Answer 25

thanks jim got answer