Business Studies, asked by parii61, 3 months ago

Discuss the Application of Compound Amount Formula with examples?

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Answered by Anonymous

3

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Example: Let's say your goal is to end up with $10,000 in 5 years, and you can get an 8% interest rate on your savings, compounded monthly. Your calculation would be: P 10000/ (1 + 0.08/12) (12x5) = $6712.10.

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