How to derive the formula of compound interest when interest is compounded annually but time is a fraction. The main problem is that the whole part becomes power that is year but why the proper part (of mixed fraction) will multiply with rate.
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Step-by-step explanation:
Let Principal = P, Rate = R% per annum, Time = n years. When interest is compounded Annually but time is in fraction, say 3 years. When Rates are different for different years, say R1%, R2%, R3% for 1st, 2nd and 3rd year respectively
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