Compound Interest

[Guest]

Hi

I need to work out compound interest on £50. If I have
£50 at 5% per year compound, how much will it be in 5
years time.

Sorry, but I have absolutely no idea how to figure this
one out. Tried the following formula =NOMINAL(50,5) but
it came up with a wierd answer.

Any help would be most appreciated. Thanking you in
anticipation.
Regards
Sue

 

[Domenic]

Hi

I need to work out compound interest on £50. If I have
£50 at 5% per year compound, how much will it be in 5
years time.

Sorry, but I have absolutely no idea how to figure this
one out. Tried the following formula =NOMINAL(50,5) but
it came up with a wierd answer.

Any help would be most appreciated. Thanking you in
anticipation.
Regards
Sue

Hi Sue,

Assuming that the percentage rate is entered in the form of either .05 or
5%, and assuming the following:

A1=50
A2=5%
A3=5

then,

=FV(A2,A3,,-A1)

Cheers!

 

[Don Guillett]

or
=50*(1+0.05)^5

--
Don Guillett
SalesAid Software
(e-mail address removed)
Hi

I need to work out compound interest on £50. If I have
£50 at 5% per year compound, how much will it be in 5
years time.

Sorry, but I have absolutely no idea how to figure this
one out. Tried the following formula =NOMINAL(50,5) but
it came up with a wierd answer.

Any help would be most appreciated. Thanking you in
anticipation.
Regards
Sue