jaredroy23
New member
- Joined
- Nov 9, 2005
- Messages
- 6
I am trying to find the interest earned on $10,000 invested for 7 years at 6.1 % interest compounded monthly.
I am not sure how to do this. I know 7 years = 84 months. So I have been mulitpying $10,000 by 84, then 6.1 % but I do not think this is right. My book doesn't go with the worksheet this problem is on and I can't find a formula. Does anyone know where I can find one. Thanks.
Jared
I am not sure how to do this. I know 7 years = 84 months. So I have been mulitpying $10,000 by 84, then 6.1 % but I do not think this is right. My book doesn't go with the worksheet this problem is on and I can't find a formula. Does anyone know where I can find one. Thanks.
Jared