17 Write the formula of finding compound interest
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formula to found compound interest is A=P(1+r/n)^nt
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Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one. The total initial amount of the loan is then subtracted from the resulting value.
A = P(1 + r/n)nt
A = Accrued Amount (principal + interest)
P = Principal Amount.
I = Interest Amount.
R = Annual Nominal Interest Rate in percent.
r = Annual Nominal Interest Rate as a decimal.
t = Time Involved in years
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