Question about Texas Instruments BA-II Plus Calculator

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I have a TI30XA and i'm trying to use it to find the balance of a compound interest problem. the problem is $5000 is invested at an annual interest rate of 6% for 10 years how can i use the calcuator find the balance if the interest is compound monthly?

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A = P(1 + r/q)nq is the formula you use. first write it all out, where P is the principle or $5000, r is the rate of 6%, q is the times per year so it would be 12 if done monthly, and n is how many years which would be 10. hope this helps.

Posted on Apr 28, 2010

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1 Answer

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