. The formula of finding amount when the interest is compounded annually is …………
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Step-by-step explanation:
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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Answer:
Step-by-step explanation:
The formula for compound interest is P (1 + r/n)^(nt), where P is the initial principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.
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