(adsbygoogle = window.adsbygoogle || []).push({}); 1. The problem statement, all variables and given/known data

I invest 600 every year for 8% compound interest

for etc. first yr 600* 1.08= 648

2nd yr

600+648= 1248

1248*1.08= 1347.84

3rd yr

1347.84+600=1947.84

1947*1.08=2102.74

and so on

2. Relevant equations

compounded interest formula is

P is the principal (the money you start with, your first deposit)

r is the annual rate of interest as a decimal (5% means r = 0.05)

n is the number of years you leave it on deposit

A is how much money you've accumulated after n years, including interest.

If the interest is compounded once a year:

A = P(1 + r)power of n

3. The attempt at a solution

i attempted A= nP(1+r)power of n

but there's some difference in the answers im getting

please help correct my formula

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# Homework Help: Need an formula/equation for this scenario

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