what is the formula of conmpound interest plz give the answer with an example
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Formulas where n = 1 (compounded once per period or unit t)
1)Calculate Accrued Amount (Principal + Interest) A = P(1 + r)t
2)Calculate Principal Amount, solve for P. P = A / (1 + r)t
3)Calculate rate of interest in decimal, solve for r. r = (A/P)1/t - 1.
4)Calculate rate of interest in percent. ...
5)Calculate time, solve for t.
1)Calculate Accrued Amount (Principal + Interest) A = P(1 + r)t
2)Calculate Principal Amount, solve for P. P = A / (1 + r)t
3)Calculate rate of interest in decimal, solve for r. r = (A/P)1/t - 1.
4)Calculate rate of interest in percent. ...
5)Calculate time, solve for t.
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