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math behind compound interest. A is the sum youll end up with. Compound interest is a marvelous force behind many of the worlds great fortunes.
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13 Given r6 compounded quarterly for 50 years. Compound interest is calculated based on the principal interest rate APR or annual percentage rate and the time involved. Your 1000 would grow to be 115762 after three years.
Im not sure if thats true but it sounds cool on paper.
M 1000 1 005 3 115762. Suppose you give 100 to a bank which pays you 10 compound interest at the end of every year. Heres what these variables mean. Interest paid on the principal and interest paid on accrued interest.
