Question

Say you're compounding monthly: if you are saving $50 per month, what is the rate to use in formula?

Answer 1

I'm wondering whether or not it would be .50, .050, or 5.0 percent, or something else.

Answer 2

hmm lets see.

Answer 3

all tho i cant say i am good wth this stuff

Answer 4

have u tryed figuering it out

Answer 5

yet?

Answer 6

\(\color{#0cbb34}{\text{Originally Posted by}}\) @renne
have u tryed figuering it out
\(\color{#0cbb34}{\text{End of Quote}}\)
yes lol

Answer 7

lol sorry

Answer 8

\(\color{#0cbb34}{\text{Originally Posted by}}\) @elpapitocay
Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one. The total initial amount of the loan is then subtracted from the resulting value
\(\color{#0cbb34}{\text{End of Quote}}\)
i know, i'm trying to figure out the rate i'd use in order to use this formula

Answer 9

i'm just trying to figure out if saving $50 each month would translate to a rate of 5.0% or something else

Answer 10

Hm, are there any other parts of your questions because from the information you have given, I'm not sure how we would get the rate....

Answer 11

Same here

Answer 12

I have some clues what her answer MIGHT be but i am not sure it the right answer.

Answer 13

i know the equation and all that, but from just what is provided, i'm not sure we can do this. There should be more to the question to help you find the rate. I'm not sure how you would even have a clue as to what the rate could be.

Answer 14

ok

Answer 15

You still need help?

Answer 16

Yeah DO u still need help?