compound interest formula compounded yearly
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Step-by-step explanation:
Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compoundperiods minus one. Interest can becompounded on any given frequency schedule, from continuous to daily toannually.
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Answer:
CI=A-P
where p is principal and A is amount
A=p(1+r%/100)^t
where p is principal r is rate t is time.
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