Compound Interest Formula Maths Literacy

A accumulated amount p principal amount i interest written as a decimal n number of years. Begin align a p left 1 i right n text 15 times left text 1 frac text 11 text 100 right text 4 text r text 22 77 end align. Therefore the general formula for calculating compound interest is.

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Total interest earned 5441 95584 4000 1441 95584.

Compound interest formula maths literacy. The difference in money between compound interest and simple interest is 1441 96 1280 161 96. To determine the future cost we use the compound interest formula. The video includes 1 the diff. The formula for the amount in the account at the end of t months is a t 1000 1 0 12 12 t.

A p 1 i n where. The value after 2 years will be 3 606 39. Here i r m 0 12 12 and n 6 as each month is one period. We use the compound interest formula a n p 1 i n.

A p 1 r m m t 3500 1 0 015 4 4 2 3606 39. I 5038 848 0 08 1. Your new principal is now 5038 848 403 10784 5441 95584. So a 6 1000 1 0 12 12 6 1061 52.

There are other types of questions that can be answered using the compound interest formula. I 403 10784 dollars. This video was created for my gr 12 learners who are uncertain about their teaching and learning time due to the corona virus. So after six months there will be 1061 52 in the account.

We see that the power of the term 1 i is the same as the number of years.