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

Algebra ->  Exponential-and-logarithmic-functions -> 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       Log On


   

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) About Me  (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
.
P=C%281%2Br%2Fn%29%5E%28nt%29
Plugging in our given values:
P=3150%281%2B.02%2F365%29%5E%28365%2A1%29
P=3150%281%2B.000054795%29%5E365
P=3150%281.000054795%29%5E365
P=3150%281.0202%29
P=3213.63
.
That's $3213.63