what is the correct formula for compound interest?
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The compound interest formula is ((P*(1+i)^n) - P), where P is the principal, i is the annual interest rate, and n is the number of periods.
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Answer:
The formula for calculating compound interest is A = P (1 + r/n) ^ nt
For this formula, 'A' is the amount, 'P' is the principal amount, 'r' is the rate of interest per annum, 'n' denotes the number of times in a year the interest gets compounded, and 't' denotes the number of years.
Hope I was able to help!!
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