Question

write the formula for calculating amount with compound interest and explain the terms in formula​

Answer 1

Step-by-step explanation:

compound interest=p(1+r/100)^n

p=principal account

r=rate of interest

n=time period

Answer 2

$amount = \: p(1 + r \div 100)^{nt}$

amount is the total money we get at the end, i.e, principal+compound interest.

p is principal.

r is rate of interest as percent (not decimal).

t is the time period in years.

n is number of times compounded annually.

Hope this helps.

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