Which of the following formulas correctly represents the calculation for compound interest?*I = (P×r×t)/100I=P×r×tA=P(1+r)^tI=P×(1+rt)
Question
Which of the following formulas correctly represents the calculation for compound interest?*I = (P×r×t)/100I=P×r×tA=P(1+r)^tI=P×(1+rt)
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Solution 1
The correct formula for compound interest is A=P(1+r)^t.
Here's a step-by-step breakdown of the formula:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
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