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What is Compound Interest ?
Compound Interest is the interest calculated on the principal and the interest accumulated over the previous period.
Compound Interest is calculated by multiplying the initial principal amount (P) by one plus the annual interest rate (R) raised to the number of compound periods (nt) minus one.
That means, CI = P[(1 + R)nt – 1] Here,
P = Initial amount
R = Annual rate of interest as a percentage
n = Number of compounding periods in a given time
Compound Interest Problems have been solved and demonstrated using Java.
