Bill,
You asked, "Can anybody tell me how to enter the formula for compound
interest into the native onboard
calculator?"
You do not specify, so, I'm going to assume that you are referring to the
calculator that comes with the Windows operating system.
Then you state, " I'm having particular trouble with the power entry."
Before addressing your problem with raising a value to some power n, let's
examine your formula.
You propose that, "Total = (P + (P*I)N)
where:
P is the principle
I is the interest rate
N is the number of years being calculated for (should be to the Nth
power)"
Let's assume that P = 5000, I = 4% and N = 5 years.
That would mean 5000 times .04 = 200 in interest for 1 year.
Without compounding, that would be 1000 in interest for 5 years.
However, your formula would raise 200 to the power of 5 which is far more
than 200 times 5.
And then, you would add that very large number to the original principal.
I wish I could earn interest based on that formula!
The following seems more realistic:
Total = P times ((1+(I/100))^N) Note: the ^ character is to indicate the
exponent
Using the values suggested above, you get
Total = 5000 times ((1+(4/100))^5)
Total = 5000 times ((1.04)^5)
Total = 5000 times 1.2166529024
Total = 6083.264512
I will not discuss whether or not this is actually considered "compound
interest."
Getting back to your problem with raising x to the power of y:
I have assumed that you are using the Windows Calculator but I will not
assume which version of Windows you are using. Instead, I will tell you
that I am using the calculator that comes with Windows 2000 Pro and using it
in what they call the "scientific view." I have been unable to find a way
to create a formula into which various values may then be entered. So, to
solve this problem, I had to segment the solution as follows.
Clear the display by pressing the Escape key.
Type 1.04 and press the Enter key.
Press the Y key.
Type 5 and press the Enter key.
Press the * key.
Type 5000 and press the Enter key.
The solution appears.
hth
Bob
----- Original Message -----
From: "Bill Gallik" <[email protected]>
To: "Blind Computing" <[email protected]>
Sent: Monday, October 26, 2009 2:05 PM
Subject: [Blind-Computing] Formula for Compound Interest
Can anybody tell me how to enter the formula for compound interest into the
native onboard calculator? I'm having particular trouble with the power
entry.
Total = (P + (P*I)N)
where:
P is the principle
I is the interest rate
N is the number of years being calculated for (should be to the Nth
power)
----
Holland's Person, Bill
E-Mail: [email protected]
- The early bird may get the worm, but the second mouse gets the cheese!
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