If you invest 10,000 dollars today in a bank account that pays 10% annual interest, how much will you have in 1 year? 2 years? 30 years?How much extra will you have in the account if the interest is compounded rather than simple interest?Remember: Principal: is the amount we put away today, which is $10,000The formula is FV = PV X (1 + i)^ni = rate of return, and n = number of years or periodsCompounded interest is interest on interest. While Simple Interest is interest on principal.Simple interest formula = Principal X Rate X Time
This question was answered on: May 23, 2022
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