Chapter 7 Percent Worksheet With Answers Page 47
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477.5 Interest
2. Calculate compound interest
Compound Interest Formula
nt
⎛
⎞
r
+
⎜
⎟
The total amount A in an account is
A =
P
1
⎝
⎠
n
Where: P = principal, r = annual rate, t = number of years,
n = number of compounding in
one
year
e.g.5 COMPOUNDING DAILY An investor deposited
$60,000 in a long term account at 5.8% interest,
compounded daily. How much money will she be
able to withdraw in 10 years if the principal is to
remain in the bank
$47,157.37
47
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