Question

Formula for compound interest

Answer 1

Let's look at an example. If an amount of $5,000 is deposited into a savings account at an annual interest rate of 5%, compoundedmonthly, the value of the investment after 10 years can be calculated as follows... P = 5000. r = 5/100 = 0.05 (decimal).

Answer 2

p+(1+r/100)^n --------