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what is the interest rate formula compounded monthly. And the interest is compounded monthly so n 12. Here P denotes the principal r represents the annual interest rate n is the number of times the interest is compounded per year and t is the time in years.
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The total compound interest generated is the final value minus the initial principal. R is also known as rate of return. Example 1.
For investment A this.
00083 x 100 083. P the principal investment amount. R the interest rate decimal n the number of times that interest is compounded per period. Convert the monthly rate in decimal format back to a percentage by multiplying by 100.
