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how to solve compound interest without n. Compound interest is when a bank pays interest on both the principal the original amount of moneyand the interest an account has already earned. 1152 800102n STEP 3 We can then proceed to solve the equation.
26 Compound Interest Formula Exponential Growth Of Money Part 1 Calculate Compound Intere Compound Interest Math Learning Mathematics Compound Interest from www.pinterest.com
Unlike other problems where we solve for P or r here we need to solve for the power in the right hand side n. Compound interest is similar to simple interest in that the interest is added on annually. 1152800 12n 144 12n 144 122 Thus it takes two years for the compound interest to amount to Rs1152.
The single payment compound interest formula F P 1 i n or single payment interest table factors can be used to solve for unknown i or n.
You can also refer to our tutorial on how to calculate compound interest. Lets remember that only effective rates of interest. T number of years the money is borrowed for. The difference between the two is that simple interest is a fixed amount of interest.
