Interest Formula Help Please!!
I forgot the formula for interest.
The formula sloves this:
Let say you got a savings account and you got $1,000 in it. The interest is 5% every month (i wish) so the formula is 1000 * 1.05 = B B= Balance
But next month it will be 1050 * 1.05 = B
Can you guys give me the formula for this. If i remember right it was like
startbalance [1 + interest ^ 2) * month] = newbalance
But that is wrong i think
Thanks for you help.
EDIT: I think it is this: StartBalance * (1+I)^ number of years