Question

what is the formula to calculate compound interest.

Answer 1

C.I.=A-P.............

Answer 2

If an amount of $5,000 is deposited into a savings account at an annual interest rate of 5%, compounded monthly, the value of the investment after 10 years can be calculated as follows... P = 5000. r = 5/100 = 0.05 (decimal). n = 12