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what is the interest rate formula compounded monthly. So you would need to start off with 671210 to achieve your goal. 10000 principal x 008 8 percent x 5 which is 4000.
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And the interest is compounded monthly so n 12. A P 1rnnt P. 00083 x 100 083.
A P 1rnnt P.
FV is the amount of money the depositor would have after n years or the future value of that investment. R is also known as rate of return. Now divide that number by 12 to get the monthly interest rate in decimal form. So you would need to start off with 671210 to achieve your goal.
