Compound Interest

G

Guest

Hi

I need to work out compound interest on £50. If I have
£50 at 5% per year compound, how much will it be in 5
years time.

Sorry, but I have absolutely no idea how to figure this
one out. Tried the following formula =NOMINAL(50,5) but
it came up with a wierd answer.

Any help would be most appreciated. Thanking you in
anticipation.
Regards
Sue
 
D

Domenic

Hi

I need to work out compound interest on £50. If I have
£50 at 5% per year compound, how much will it be in 5
years time.

Sorry, but I have absolutely no idea how to figure this
one out. Tried the following formula =NOMINAL(50,5) but
it came up with a wierd answer.

Any help would be most appreciated. Thanking you in
anticipation.
Regards
Sue
Click to expand...

Hi Sue,

Assuming that the percentage rate is entered in the form of either .05 or
5%, and assuming the following:

A1=50
A2=5%
A3=5

then,

=FV(A2,A3,,-A1)

Cheers!
 
D

Don Guillett

or
=50*(1+0.05)^5

--
Don Guillett
SalesAid Software
[email protected]
Hi

I need to work out compound interest on £50. If I have
£50 at 5% per year compound, how much will it be in 5
years time.

Sorry, but I have absolutely no idea how to figure this
one out. Tried the following formula =NOMINAL(50,5) but
it came up with a wierd answer.

Any help would be most appreciated. Thanking you in
anticipation.
Regards
Sue
 
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