SOLUTION: I need to determine the formula for the accumulated amount I will have saved for retirement as a function of time and simplify it. My values are P=$480 r=.08 and n=1 (annually)
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Question 541270: I need to determine the formula for the accumulated amount I will have saved for retirement as a function of time and simplify it. My values are P=$480 r=.08 and n=1 (annually) Answer by jpg7n16(66) (Show Source):
You can put this solution on YOUR website! You're looking for the compounding formula:
"P" is the principal amount
"i" is the rate of interest in each compounding period
"n" is the number of compounding periods
and you're solving for "x"
(