Compound
The FormulaThe formula for compound interest is A=P(1+r)^t. Same thing with simple interest is that P is principle, r is rate, and t is time. But for Interest is this time A.
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Solving
Solving for compound is almost the same as simple, but there is a parenthesis. So you start off with changing the rate and then you multiply. For example, p is 2,000, r is 5%, and time is 7 years, so the answer is $2,814.20.