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14 cards from this deck
Interest added to new total; earns interest on previous interest
Starting amount of money invested or borrowed
Extra money added/owed based on principal
Percentage at which interest is added (usually per year)
Total money after all interest added at end of period
F=P(1+i)tF = P(1 + i)^tF=P(1+i)t
Final amount (total at end)
Principal (starting amount)
Interest rate as a decimal
Time in years
Divide by 100: 5% = 0.05
Calculates principal + interest together
Calculates compound growth over multiple years
Formulae and Tables book
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