What present value compounded annually at 5% will amount to 25,525.63 in 5 years?

Question

darkknight · Answer

P = I(1+r/n)^(nt)
Where P = final amount
I = initial
r = rate
n = number of times compounded per year (1)
t = years

darkknight · Answer

We know all values except for I.
Can you plug these values in?

jhonyy9 · Answer

@darkknight - my opinion - not is this little confusable ? 
with ,,t" years - i think number of years and there is again this ,,n" what mean the same too number of years

darkknight · Answer

n = 1 in this case, this is compound interest @jhonyy9 so thats y it is good skill to have n there, if this were compounded semiannually then there would be a 2 where n is. do u understand jhonyy?

jhonyy9 · Answer

and for monthly ? 12 ?

darkknight · Answer

yes

jhonyy9 · Answer

ok ty

darkknight · Answer

np