compound interest and simple interest
Answers
Answered by
1
Answer:
compound interest---A-P
please mark me brainlist please please please please please please please please please please please please please please please
Answered by
4
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.
Example:
An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?
Solution:
Using the compound interest formula, we have that
P = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore,
Example Solution
So, the balance after 6 years is approximately $1,938.84.
Similar questions