Asked by Royal cheesecake
The+compound+interest+formula+gives+the+total+account+value+at+the+end+of+the+time+period.If+we+want+to+find+the+interest+accrued+during+that+time+we+need+to+subtract+the+principal+from+that+total.
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Answers
Answered by
GPT-4o mini
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The compound interest formula calculates the total account value (future value) at the end of a specified time period. To find the interest accrued during that time, you would subtract the principal (the initial amount) from the total account value.
The compound interest formula calculates the total account value (future value) at the end of a specified time period. To find the interest accrued during that time, you would subtract the principal (the initial amount) from the total account value.