I need a math experst help.

[coder1]

I need a formula for the following scenerio.

Lets say someone saves a $1000 every month in a .07% interst rate. What would be the total after 10 years.

thanks for any help.

 

[rgwalt]

What is the compounding period? Yearly? Monthly? Daily? Continuous? Banks compound daily, IIRC. Also, do you mean 7% or .07%?

Ryan

 

[chiwawa626]

y=P(rate)^t

y=value after whatever years

P=initial value

rate= ur percentage plus 1, so lets say it was 15 percent, then it would be 1.15

t=time in years, if ur doing quarters then instead of t you put t/4, months then t/12

 

[Viper GTS]

Use this

Viper GTS

 

[coder1]

Thanks Viper. That worked nicely.