I understand the simple interest part, however I don’t understand the compounded interest part, need help quick.

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asked Oct 10, 2019 7.7k views

1 Answer

Djunforgetable · Answer 1 · 2019-10-15T22:09:44+0000

Compound interest is the starting amount x (1+ the interest rate as a decimal)^ the time in years=the final amount.

In your case, the equation will be $1000*(1+0.10)^how many years= the final amount.

I understand the simple interest part, however I don’t understand the compounded interest part, need help quick.

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