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Interest on both initial principal and accumulated interest
Earning interest on interest
FV=PV(1+r)nFV = PV(1 + r)^nFV=PV(1+r)n
PV=FV(1+r)nPV = \frac{FV}{(1 + r)^n}PV=(1+r)nFV
Interest rate per compounding period as a decimal
Total number of compounding periods
Divide rate by 12, multiply years by 12
I=FV−PVI = FV - PVI=FV−PV
Divide by 100
FV should always be larger than PV
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