N number of. This formula applies when interest is earned on an annual basis and the interest is earned once a year. Due to being compounded monthly the number of periods for one year would be 12 and the rate would be 1 per month.
1152 800 102n.
Solution The easiest way to approach this problem is to use the compound interest formula This formula applies when interest is earned on an annual basis and the interest is earned once a year. R 10. Simple Interest Rate Principle Rate of Interest Time Period years 100. We are going to learn how to solve for n and how to solve for i the compound interest main formula.