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how to solve using compound interest formula. If you are working through a set of problems for a school assignment these variables may be in a textbook or worksheet given to you by a teacher. From second month the interest starts changing.
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We can calculate the compound interest using the compound interest formula which is an exponential function of the variables time t principal P APR r and number of compounding periods in a year n. A Accrued Amount principal interest P Principal Amount. From second month the interest starts changing.
Learn the compound interest formula.
A P 1 r n n t A 1 000 000 1 06 12 12 5 A 1 000 000 1 0005 12 5 A 1 000 000 1005 60 A 1 348 85015. The compound interest formula solves for the future value of the investment after set number of years. I Interest Amount. The bank gives you a 6 interest rate and compounds the interest each month.
