Calculating Compound Interest for $1000 with 1% APR

How can you calculate the amount in the account after 1000 years with an initial amount of $1000 and a 1% APR?

What dynamical system would you use to figure this out?

Calculating Compound Interest for $1000 with 1% APR

To calculate the amount in the account after 1000 years with an initial amount of $1000 and a 1% annual percentage rate (APR), you can use the formula for compound interest: A = P(1 + r/n)^(nt). Plugging in the values, the final amount is approximately $27,182.82.

To calculate the amount in the account after 1000 years with an initial amount of $1000 and a 1% Annual Percentage Rate (APR), we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where

  • A is the final amount
  • P is the principal (initial amount)
  • r is the interest rate (expressed as a decimal)
  • n is the number of times interest is compounded per year
  • t is the number of years

Plugging in the values:

A = 1000(1 + 0.01/1)^(1*1000)

A = 1000(1 + 0.01)^1000

Using a calculator or spreadsheet, the final amount is approximately $27,182.82.

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