how do calculate compound interest without a formula
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We don't need to apply the formula for compound interest if the time period given is only one error. So for finding interest for one year. We can just multiply the principal with 10% so 10% of 6,000.
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Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one. Interest can be compounded on any given frequency schedule, from continuous to daily to annually.
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