ilovemybabyethan ilovemybabyethan

28-05-2024
Mathematics

Answered

3. What is the formula to calculate compound interest? Explain what each part of the equation
represents.

Answer :

GinnyAnswer GinnyAnswer

28-05-2024

Final answer:

Compound interest formula explained with key components.

Explanation:

Compound interest is an interest rate calculation on the principal plus the accumulated interest. To calculate compound interest, you can use the formula:

Compound interest = Future Value - Present Value

Where:

Future Value is the total amount after interest
Principal is the initial amount of money
Interest Rate is the rate at which interest is calculated
Time is the duration for which the interest is applied

Learn more about Compound interest formula here:

https://brainly.com/question/29639856

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