Explain briefly About Compound Interest with examples and formulas .
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The formula for compound interest is P (1 + r/n)^(nt), where P is the initial principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.
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Compound Interest Formula
● P is the principal (the initial amount you borrow or deposit)
● r is the annual rate of interest (percentage)
● n is the number of years the amount is deposited or borrowed for.
● A is the amount of money accumulated after n years, including interest.
● A = P(1 + r)n
● A = P(1 + r)5
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