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compound interest rate formula for time. STEP 2 Thus let us substitute the values we have into the formula. Compound Interest Formula P 1 i n P.
Compound Interest Formulas Calculator Interest Calculator Compound Interest Compound Interest Math from www.pinterest.com
The formula for compound interest is P 1 rnnt where P is the initial principal balance r is the interest rate n is the number of times interest is compounded per time period and t is the number of time periods. Times per year that interest will be compounded. Length of Time in Years.
The value after 2 years will be 360639.
Be careful about rounding within the formula. Be careful about rounding within the formula. R is the annual interest rate. I Prt becomes r IPt Remember to use 1412 for time and move the 12 to the numerator in the formula above.
