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What is the formula for a simple compound interest rate?
With simple interest, you just multiply the capital, the number of years, and the yearly interest rate. For example, for a capital of 10,000 dollars, 3% interest, 10 years, that would give you 10,000...
Simple interest is calculated one time @ a specified rate over a specific length of time. Compound interest is calculated multiple times @ a specified rated divided by the number of given periods...
principal - P interest - I rate % - R time - T amount -A THE FORMULA FOR CALCULATING INTEREST I = P * R* T --------- 100 A = P + I A = P * R* T --------- 100 i.e., A = P[ 1 + RT] -------- 100
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There is a quick and dirty way to convert simple interest to compound interest. First you need to know how long it will take to double your initial number.
For Example: Let's say that...