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how to work out compound interest ks3. R is the annual interest rate. The trick to using a spreadsheet for compound interest is using compounding periods instead of simply thinking in years.
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Similar questions so worksheet is suitable for low ability higher classes. The difference between the two is that simple interest is a fixed amount of interest. Compound interest is similar to simple interest in that the interest is added on annually.
For daily compounding most organizations use 360 or 365.
The trick to using a spreadsheet for compound interest is using compounding periods instead of simply thinking in years. Compound interest is similar to simple interest in that the interest is added on annually. If you deposit 1000 in a bank account which is paying 3 compound interest per year. Try this compound interest calculator for some examples to show how the interest is calculated.
