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how to work out compound interest year 8. A is the total amount of money including interest after n years. A P 1 rn nt A value after t periods.
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A P 1RNnt. Calculate Accrued Amount Principal Interest A P 1 rnnt. It is the same formula used for calculating compound interest on a principal amount plus an additional part for calculating compound interest on regular contributions.
The formula is written out as the following.
Its called the Rule of 72. Calculate the interest on borrowing 40 for 3 years if the simple interest rate is 5 per year. If you deposit 1000 in a bank account which is paying 3 compound interest per year. A P 1 rn nt.
