If you just want to know what your savings account will be worth in 10 years at 3% interest, you’re probably best off just using one of the online calculators for calculating appreciation. There are a lot of great calculators out there for planning for a big purchase or figuring out how to get out of debt or running Credit Card Comparisons.
However, if for some reason, you want to know how appreciation is calculated, here it is:
x(1+b)n
where:
x = original amount
b = interest (3% should be represented as .03)
n = number of years
I couldn’t find this anywhere on the web and since it’s the second time I’ve calculated it by hand, I thought I’d share.
Thanks..really helped with my homework