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What is the formula of compound interest and examples |
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Answer» Step-by-step explanation: Let's look at an example Let's look at an exampleIf an AMOUNT of $5,000 is deposited into a savings account at an annual INTEREST rate of 5%, compounded monthly, the value of the investment after 10 YEARS can be calculated as follows... P = 5000. r = 5/100 = 0.05 (DECIMAL). n = 12. |
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