Do that and tell me what you got; I understand your confusion...different formulae applies to different problem sets. I have solved more than 300 problem sets in compound interest. These are classical math problems and sure enough, my engineering and mathematics are both strong enough. Except you are just trying to make me look dumb. If that is the case, then I sure understand you.
By using the compound interest formula, we will be having 4,047.58 dollars by the end of ten years.
Thank goodness you can do the maths!
Were you just testing me before? I read Engineering..lol. Don't forget that please
Not mathematics then. Yes it was a test. The correct formula is FV=PV(1+i)^n.
The correct answer is thus
FV=1000(1+0.14)^520
FV= $ 389,513,662,022,267,000,000,000,000,000,000.00
Oh dear, that seem to be billions of times more than all the money in the solar system.
I hope your engineering is better than your maths.
I don't think you are getting to do it right. How can that be possible?
A=FV(1+{r/n})^520.
where r = 0.14; n = 52; years = 10; You are asking for amount for God's sake.
Do that and tell me what you got; I understand your confusion...different formulae applies to different problem sets. I have solved more than 300 problem sets in compound interest. These are classical math problems and sure enough, my engineering and mathematics are both strong enough. Except you are just trying to make me look dumb. If that is the case, then I sure understand you.
The website says it is 14% A WEEK! Not 14% p.a.