I have manually worked out the formula for compounding interest on $5,000 over 3 years @ 6% paid 6 monthly, but can anyone tell me how do do it on excel spreadsheet please.

Question

anonymous · Answer

Hi All I think I have worked it out can someone confirm that it is the correct way to enter. =5000*(1+(0.06/2))^(3*2)

amistre64 · Answer

well, that is the correct formula

i would do:

    a      b             c                d       
1  0   5000   =b1*.06/2   =b1+c1
2  1    =d1    =b2*.06/2   =b2+c2
3  2
4  3
5  4
6  5