FV = PV x (1 + i)^n
PV =1,500
i = 30% per month
n = 12 months
FV = 1,500 x (1 + 30%)^12
FV = 34,947.13
The balance on the account after 12 months 34,947.13, so the interest received is 34,947.13 - 1,500.00 = 33,447.13
Source: http://www.tvmschools.com/formula/future...
Is the investment of $1500 each month, but the interest 30% annually?
If you're going to use a calculator just do this: type 1500+30% and hit go, and then the result+30% and do that 12 times so you fill the 12 months and you will have the information you need.
so the question is.. if the interest i gained every month is added to the initial investment(1500$)..
so how much is the accumulated amount i receive each year?
and please provide me the formula for reference thank you.
