Is this the formula for calculating compound interest,? P(1+R÷100)^n-P

Answer 1

No, the correct formula for calculating compound interest is:

A = P(1 + r/n)^(nt)

Where:
A = the future value of the investment/loan, including interest
P = the principal investment/loan amount
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested/borrowed for

Answer 2

Okay, got it

Answer 3

Great! If you have any more questions, feel free to ask!