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What is the formula for finding the final balance of an account that earns interest compounded annually? State what each variable in the formula represents.

What is the formula for finding the final balance of an account that earns interest compounded annually? State what each variable in the formula represents.
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What is the formula for finding the final balance of an account that earns interest compounded annually? State what each variable in the formula represents.

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User Geowar
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1 Answer

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C=P[(1+r)^n-1]
C = COMPOUND INTEREST
P = PRINCIPAL
r = rate per period
n = number of periods
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User Alex Dupuy
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