stuck again!!!!!!

[ilovemarkb]

calculate the amount in the account if £750 is invested for 30 months at 8% compound interest per annum?



the 30 months has thrown me because its not exact year (would be 36 months) any guidance anyone please? thanks julie

[Whaleypops]

£915

[TOMMO33]

I guess - after 12 months £750 + 8%
after 24 months (£750 + 8%) + 8% of that
after 30 months [(£750 + 8%) +8% of that)] + 4% of that = your total.

[TOMMO33]

Whaleypops may be right, but I make it £909.79.

[ilovemarkb]

thanks guys

[Whaleypops]

£909 is correct if you compound annually. Hoever, if you compound monthly, as I have done, then it is £915

[ilovemarkb]

i got after 12 months there will be £810
After 24 months there would be £874.80
then at 30 months surely it would be the same as the interest wouldnt be added on till 36 months????
have i got this wrong guys?

[TOMMO33]

If this is just a maths problem, it's reasonable to add an amount of interest for the 6 months. If it's an actual contract, it would depend oin the terms of the contract.