Results 1 to 2 of 2

Math Help - compound interest, without using formula's

  1. #1
    Newbie
    Joined
    Jan 2009
    Posts
    2

    compound interest, without using formula's

    Suppose we have 100$ to invest and the annual interest rate is 10%. Work out
    DIRECTLY (in other words don't use some formula you found somewhere unless you derive it from scratch)
    how much money you have after one year if
    a) the interest is compounded monthly
    b) the interest is compounded daily
    c) the interest is compounded hourly.

    -No idea how to do this without formula's. Can someone please help?
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Newbie
    Joined
    Oct 2008
    Posts
    14
    Ok so..
    $100 at 10% interest per month, would look something like this
    100 X 12(0.1)= The answer would be how much money you would have earned. For weeks replace12 with 52 and for days replace 52 with 365, if you are calculating per year. Hope that helps.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Compound interest at changing interest rates
    Posted in the Business Math Forum
    Replies: 2
    Last Post: October 21st 2010, 04:55 AM
  2. Compound interest formula
    Posted in the Algebra Forum
    Replies: 11
    Last Post: June 9th 2010, 11:09 AM
  3. Compound interest...?
    Posted in the Algebra Forum
    Replies: 8
    Last Post: January 7th 2010, 08:44 AM
  4. Replies: 0
    Last Post: January 20th 2009, 06:20 PM
  5. Compound interest
    Posted in the Pre-Calculus Forum
    Replies: 10
    Last Post: December 17th 2008, 10:36 AM

Search Tags


/mathhelpforum @mathhelpforum