Compound interest is given by the formula ___

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Compound interest is given by the formula ____.

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Detailed Solution

Compound interest is given by the formula

P (1 + \frac{r}{100})^{t} - P

where, P is the principal amount, r is the interest rate, and t is the time.
Compound interest is the interest on the sum obtained by adding the previous year's simple interest.
We know that compound interest =

P (1 + \frac{r}{100})^{t} - P

.
Hence, the correct answer is compound interest =

P (1 + \frac{r}{100})^{t} - P

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