Compound interest question.
$250 per month is invested in an account that earns 9% per year, compounded monthly. What will the total in the account be at the end of 5 years.
I have a formula on my work sheet that is supposed to solve this but every time i try to use it i get wayy wrong answers.. I am either doing something wrong on my calc or the formula has been incorrectly presented. If someone could explain a simple formula for this question it would be great.
This saving calc http://www.bankwest.ca/Calculators/C...r.aspx?calc=11 gives me the answer i need but its the formula that i need to make sense of all this..