SOLUTION: In the equation P=C(1+r/n)^nt for compounding interest what does the ^ stand for and how would you calculate it if: C= 3150 r=2 n=365 t=1

Question 238983: In the equation P=C(1+r/n)^nt for compounding interest what does the ^ stand for and how would you calculate it if:
C= 3150
r=2
n=365
t=1

Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
P=C(1+r/n)^nt for compounding interest what does the ^ stand for and how would you calculate it if:
C= 3150
r=2
n=365
t=1
.

Plugging in our given values:

.
That's $3213.63
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