application of compound intrest(CI) formula?
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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. Interest can be compounded on any given frequency schedule, from continuous to daily to annually
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✔Compound Interest is the interest calculated on the initial principal and the accumulated interest of previous periods of a deposit or loan. ..
✔Note: The above formula: A = CI + P will give us total amount. To get the Compound Interest only, we need to subtract the Principal from the Amount.
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