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how to solve compound interest problems. If yo u deposit 8000 into an account paying 7 annual interest compounded quarterly how long until there is 12400 in the account. Include the amount of money deposited called the principal the annual interest rate in decimal form the.
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If yo u deposit 8000 into an account paying 7 annual interest compounded quarterly how long until there is 12400 in the account. A 12000 1331 A 15972. You can use formulas to solve these types of problems.
Scroll down the page for examples and solutions on how to use the Simple Interest Formula.
Suppose you give 100 to a bank which pays you 10 compound interest at the end of every year. In compound interest the principal amount with interest after the first unit of time becomes the principal for the next unit. Number of times the money is compounded per year and the number of years the money is left in the bank. In an annuity problem of the three monetary variables at least one must be of a different sign than the other two.
