Compound Interest Calculator

PeriodContributionBalance

Example 1:

Kevin deposited an amount of $2,000 in a bank paying an annual interest rate of 2.5%, compounded quarterly. How much money will Kevin have after 8 years?

Solution:

P = 2,000

r = 0.025

n = 4

t = 8

A = 2,000 * (1 + 0.025/4)^(4*8)

A = 2,441.29


Example 2:

Joe deposited an amount of $5,000 in a bank paying an annual interest rate of 3.3%, compounded annually. Everytime at the END of the month, he put in an additional $160. How much money will Joe have after 15 years?

Solution:

P = 5,000

PMT = 160

r = 0.033

n = 1

t = 15

CI = 5,000 * (1 + 0.033/1)^(1*15)

CI = 8,137.20

FV = 160 * (((1 + 0.033/1)^(1*15) - 1) / (0.033/1))

FV = 3,042.13

A = 8,137.20 + 3,042.13

A = 11,179.33

An Do By An Do
11/25/2016

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