write the formula for finding the. amount in compound interest and express the each term in it
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Answer:
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Step-by-step explanation:
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Formula for finding the amount in compound interest is if compounded yearly otherwise where n is the number of times interest is compounded yearly
Interest are of two types:
- Simple Interest
- Compound interest
In case of Compound interest , interest is Added in principal after each compounding period.
For Period less than compounding period Simple interest and compound interest are same.
P = Principal
R = rate of interest in % per annum
t = number of year
A = Amount
If Compounded yearly
If n is the number of times interest is compounded yearly then formula is
Formula for finding the amount in compound interest is if compounded yearly otherwise where n is the number of times interest is compounded yearly
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