# Compounding Interest

Not what you're looking for?

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.

##### Purchase this Solution

##### Solution Summary

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

##### Solution Preview

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 = ...

##### Purchase this Solution

##### Free BrainMass Quizzes

##### Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

##### Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

##### Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

##### Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

##### Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.