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| Math Central | Quandaries & Queries |
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Question from Allison, a parent: Have $1000.00 in saving account compound annual interest rate 6% |
Hello Allison,
There are some good online calculators for just this sort of thing.
Check out these links,
http://www.moneychimp.com/calculator/compound_interest_calculator.htm
http://math.about.com/library/blcompoundinterest.htm
Or, if you want to see the formula behind it, check out this link:
http://math2.org/math/general/interest.htm
Hope this helps,
Tyler
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