Compound Interest Formula
Define : interest calculated on both the principal and the accrued interest. For example
As an example, suppose an amount of 1500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. Then the balance after 6 years is found by using the formula above, with P = 1500, j = 0.043 (4.3%), m = 4, and t = 6.
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