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formula to solve compound interest. Monthly compounding is calculated by principal amount multiplied by one plus rate of interest divided by a number of periods whole raise to the power of the number of periods and that whole is subtracted from the principal amount which gives the interest amount. The general formula for simple interest is.
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The general formula for simple interest is. This video contains plenty of. This formula applies when interest is earned on an annual basis and the interest is earned once a year.
Monthly compounding is calculated by principal amount multiplied by one plus rate of interest divided by a number of periods whole raise to the power of the number of periods and that whole is subtracted from the principal amount which gives the interest amount.
Suppose you give 100 to a bank which pays you 10 compound interest at the end of every year. These days financial bodies like banks use the Compound interest formula to calculate interest. N number of. The interest rate and number.
