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formula for compound interest method. 1060 X 6 6360. Compound interest is when a bank pays interest on both the principal the original amount of moneyand the interest an account has already earned.
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A Future Value of the investment 1600 P Initial value of investment 1000 r rate of return to be calculated m number of the times compounded yearly 1 t number of years for which investment is done 10 years. Compound interest is the addition of interest to the principal sum of a loan or deposit or in other words interest on interest. If the calculation of compound interest is not annual then the rate of interest also needs to be calculated in accordance.
For the total accumulated wealth or amount the formula is given as.
The compound interest formula is Compound Interest P 1 rn nt P. P 1 i n n t P displaystyle P 1in nt-P. Compound interest is when a bank pays interest on both the principal the original amount of moneyand the interest an account has already earned. For the total accumulated wealth or amount the formula is given as.
