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