# Compounding Interest

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I am looking for the formula to solve this problem:

What interest rate would allow you to accumulate 10,000 in 8 years if you saved $60 per month and earned compound interest monthly.

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##### Solution Summary

Help with Compounding Interest is emphasized. The interest rates which would allow you to accumulate 10,000 in 8 years is determined.

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The accumulated amount is FV at the end of 8 years

Installment is $60 per month

t= No of periods = 8*12=96

The formula to be used is

FV = ...

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