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Maths
When do we find compound interest? What is its formula?
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1 Reply
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Compound interest is typically found in various financial contexts, such as investments, loans, and savings accounts. It refers to the interest that accumulates not only on the initial amount of money (principal), but also on any previously earned interest.<div>
The formula for compound interest can be represented as
A= P(1+r/n)^nt
Where
A= Total amount
P= Initial principal balance
r= interest rate
n= number of times interest applied per time period
t= number of time period elapsed
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This reply was modified 3 months ago by Budhaditya.
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This reply was modified 3 months ago by