Question

if the present value of my invested is 1000 and the rate of interest is 10% compounded annually,what will the value be after 6 years

Answer 1

Answer:

Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. Thought to have originated in 17th-century Italy, compound interest can be thought of as "interest on interest," and will make a sum grow at a faster rate than simple interest, which is calculated only on the principal amount.