# Compound Interest Easy ~Help PLZ~

#### Jameel06

##### New member
I have just started doing compound interest, and whilst doing a practice test I got stuck on this question.

How much money must you deposit at 7% per annum compound interest, compounding yearly,
If you require $10 000 in 3 years’ time? Give your answer to the nearest dollar Much appreciated if anyone could help #### jonah2.0 ##### Full Member Beer soaked query follows. I have just started doing compound interest, and whilst doing a practice test I got stuck on this question. How much money must you deposit at 7% per annum compound interest, compounding yearly, If you require$10 000 in 3 years’ time? Give your answer to the nearest dollar

Much appreciated if anyone could help
Can you tell us the the compound interest formula?

#### Olim

##### New member
Probably it's recurrent, but just 3 ears can be easily wrotten 3 times. Like, 1st year interest = x * 0.07, 2rd y.i. = (x * 0.07) * 0.07 + x * 0.07, 3th = ((x * 0.07) * 0.07 + x * 0.07) * 0.07 + x * 0.07, then floor(1st + 2rd + 3th) = 10000.

In alternate universe banks rob peoples, in this universe... well, same thing. (You can believe me: when i were even poorer now, Sberbank stole my last moneys on bread! That was very offensively.)

#### JOwen56

##### New member
It might be easier to solve if you create an equation first.
For A = P( 1 + r )^t , set A = 10,000 , r = 0.07 , t = 3
So 10,000= P(1.07)^3 and then solve for P.