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    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 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 = ...

    Solution Summary

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