Compound Interest
Simple and Compound Interest Formulas
Calculate the following compound interest
Instructions
1.) Calculate the compound interest for the 4 problems using the given formula.
2.) Use the spreadsheet to run the calculations and compare answers
Answers: 1.) $6,520.02 2.)$21,360.01 3.) $10,253.04 4.) $13,695.98
3.) compare your results:
(a) What are the advantages of knowing how to calculate using both methods (by hand and using the spreadsheet?