Jacob chose to spend the afternoon swimming rather than going to the movies any value given up from not going to the movies is t
1 answer:
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Answer:
Compound interest; interest.
Explanation:
Compound interest can be defined as the interest that the bank pays you on the principal plus on the interest that you earned the preceding year. Thus, it is simply calculated by adding an interest to the initial principal i.e compounding the interest rather than withdrawal.
Mathematically, compound interest is given by the formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.