Functions explained Here
Do Shift + F3 for Function Wizard
Choose FV in the Financial category
Single Investment of 1,000. at 5% compounded annually for 2 years
Note : There are 2 methods below. Note the Formula bar in both
Note the 2 commas in the formula bar.
This indicates that the Pmt field in the wizard was skipped.
Pmt is the payment made each period
In this example the Pmt is 0 since only 1 payment is made
Note : the mathematical formula for Compound interest :
FV=p(1 + r)n, fv=future value, p=principal, r=interest rate,
n= time in # of years. ^2 is 2 yrs. in this example.
The caret ^ = raise the number to a given power ( n represents raised to the power of n )
Simple interest formula = I=PRT