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mustish1
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Interest rate formula

Can you please tell me the actual formula?
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Math / ScienceMiscellaneous

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mustish1

8/22/2022 - Mon
AnthonyHamon

mustish1

ASKER
A = P(1+r/n)^nt
P=3800
r=5.4
t=8

what is n?
AnthonyHamon

n is the number of times that interest is compounded per year.  So in your case this is 12 because the question states that interest is compounded monthly.
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mustish1

ASKER
It looks like different the way it solve above.

A = P(1+r/n)^nt
P=3800
r=5.4
t=8
n=12

A=3800(1+5.4/12)12*8
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mustish1

ASKER
Thank You.