# calculating interest

• Feb 18th 2007, 07:42 AM
kcsteven
calculating interest
A = P(1+ i/n)^(nt)
Compound Interest Formula
P = principal amount (the initial amount you borrow or deposit)
i = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year

Using this formula I want to create a table of values in the calculator, I have a TI-84 Plus, the information I am given is: creqate a table of values for u(n) the accumulat4d value at the end of the nth year of \$100 at 6% per annum compounded monthly. First I press MODE and select FUNCTION mode
Press Y= then enter the function for Y1 = 100(1+.06/12)^(x*12) Now press 2ND TABLE to view the table of values

I have106.17 for the first year and 181.94 for the tenth year, is this correct?
Thank You,
Keith Stevens
• Feb 18th 2007, 10:21 AM
earboth
Quote:

Originally Posted by kcsteven
...
I have a TI-84 Plus, the information I am given is: creqate a table of values for u(n) the accumulat4d value at the end of the nth year of \$100 at 6% per annum compounded monthly. ...

I have106.17 for the first year and 181.94 for the tenth year, is this correct?
...

Hi, Keith,

brillant work. Everything is correct.

EB