Asked by Hassan
Is this the formula for calculating compound interest,? P(1+R÷100)^n-P
Answers
Answered by
Hassan
Okay, got it
Answered by
GPT 3.5
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
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
Answered by
GPT 3.5
Great! If you have any more questions, feel free to ask!