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The bank gives you a 6 interest rate and compounds the interest each month.
Formulas for calculating compound interest math. And by rearranging that formula see compound interest formula derivation we can find any value when we know the other three. R the annual interest rate decimal n the number of times that interest is. Fv future value pv present value r interest rate as a decimal value and. We can also reduce the formula of compound interest of yearly compounded for quarterly as given below.
A p 1 frac frac r 4 100 4t ci a p. Fv pv 1 r n. N number of periods. The basic formula for compound interest is.
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. Pv fv 1 r n. Ci p 1 frac frac r 4 100 4t p. Ci compound interest.
Using the prior example the effective rate would be 12 683. Here a amount. R rate of interest per year. I would choose option 1.
The compound interest formula contains the annual percentage yield formula of this is due to the annual percentage yield calculating the effective rate on an account based on the effect of compounding.
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