Because I'm so horrible at this, I ask that you please simplify it for me, if possible explain step by step how I would go about reaching the future investment value in the example shown with a calculator in accordance to the formula. Thanks for your time!
Calculate the future investment value based on the following formula.
future investment value =
investment amount x (1 + monthly interest rate) number of years x 12
For example, if you entered an amount of $1000, annual interest rate of 3.25%, and number of years of 1, the future investment value is 1032.98.