Explain how to find interest and compound interest ? ( in detail )
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Answered by
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P(1+r/n)n
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
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.
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
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.
no2:
is this copied
Hw ur saying day it was copied..Not at all...It was not copied one
bcs i have seen it on net
Don't be silly..In which website I have copied it can u say...U can't BCS it was not copied
Answered by
4
hope this helps....
pls mark it as the brainliest.....
pls mark it as the brainliest.....
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