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formula to solve compound interest. Compound Interest is calculated on the initial payment and also on the interest of previous periods. If youre curious about compound interest and how it works good for you youre on the right track.
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Its something about investing that many people arent familiar with but it plays an essential role in making investments profitable. Enter the years 0-5 in cells A2 to A7. Your intermediate accounting textbook may substitute n for time the n stands for number of periods time.
That earns 2 compound interest that is done annually r 002.
A the future value of the investmentloan including interest P the principal investment amount the initial deposit or loan amount r the annual interest rate decimal n the number of times that interest is compounded per unit t t the time the money is invested or borrowed for. A the future value of the investmentloan including interest P the principal investment amount the initial deposit or loan amount r the annual interest rate decimal n the number of times that interest is compounded per unit t t the time the money is invested or borrowed for. The interest rate and number. Lets look at the quantities in the problem statement.
