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compound intrest sum help
soulman247
Posts: 39 Forumite
Hi
I know how to work out 4% of £2000, but how do I work out 4%interest on 2thousand for 10 years leaving my interest in each year. (compound)
Any Help.
I know how to work out 4% of £2000, but how do I work out 4%interest on 2thousand for 10 years leaving my interest in each year. (compound)
Any Help.
0
Comments
-
There is a calculator on the site right at the bottom of this page
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest0 -
formula for compound interest is
2000 x (1+4%) ^ 10 where ^ mean raised to the power of
if you use excel then the formula would be
=2000*power(1+4%,10)
which is equal to 2,9600 -
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