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Compound Interest (Finite Number of Calculations) - Problem 3

Teacher/Instructor Alissa Fong
Alissa Fong

MA, Stanford University
Teaching in the San Francisco Bay Area

Alissa is currently a teacher in the San Francisco Bay Area and Brightstorm users love her clear, concise explanations of tough concepts

Since the unknown variable, P, is not in the exponent of this equation, most of this can be dong without actually knowing anything about logs or exponential functions. Most errors happen when people type this into their calculators incorrectly. If in doubt, do it in steps and keep as many decimals as you can: start by simplifying the fraction inside the parentheses, then add one, and then raise that value to a power where the product is in parentheses.

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