Question 238983
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(1+r/n)^(nt)}}}
Plugging in our given values:
{{{P=3150(1+.02/365)^(365*1)}}}
{{{P=3150(1+.000054795)^365}}}
{{{P=3150(1.000054795)^365}}}
{{{P=3150(1.0202)}}}
{{{P=3213.63}}}
.
That's $3213.63