Answer:
To calculate annual compound interest, multiply the original amount of your investment or loan, or principal, by the annual interest rate. Add that amount to the principal, then multiply by the interest rate again to get the second year's compounding interest
Explanation:
A = P (1+ r/n) ^nt
A = final amount is found if you input 12 months at r
P = initial principal balance = $100 if every month
r = interest rate then interest rate will be 12 month
n = number of times interest applied per time period = 1
t = number of time periods elapsed t = eg 10