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A p 1 r n n t a 1 000 000 1 06 12 12 5 a 1 000 000 1 0 005 12 5 a 1 000 000 1 005 60 a 1 348 850 15.
Formula for calculate compound interest math. Compound interest is calculated on the initial payment and also on the interest of previous periods. M 1000 1 0 05 3 1157 62. N number of periods. After one year you will have 100 10 110 and after two years you will have 110 10 121.
Fv future value pv present value r interest rate as a decimal value and. The value after 2 years will be 3 606 39. There are other types of questions that can be answered using the compound interest formula. Here s how you would get that answer using the formula and applying it to the known variables.
Basic calculator custom unknown variable. The bank gives you a 6 interest rate and compounds the interest each month. Suppose you give 100 to a bank which pays you 10 compound interest at the end of every year. And by rearranging that formula see compound interest formula derivation we can find any value when we know the other three.
Fv pv 1 r n. I would choose option 1. For example let s say that you have 1000 to invest for three years at a 5 percent compound interest rate. A the future value of the investment loan including interest p the principal investment amount the initial deposit or loan amount r the annual interest rate decimal n the number of times that interest is compounded per unit t t the time the money is invested or borrowed for.
Pv fv 1 r n. Your 1000 would grow to be 1157 62 after three years.
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