Given : Initial deposit or the principal amount = $ 9000
Rate of interest = 3.1 %
Compound interest annually
= principal (1 + r/ 100)^t
here put value principal rate and time period 1, 5 10 and 20 years
and we get the amount for each time period
than for interest = amount - principal we get interest
as that we calculate all value:
given in the attachment
<h3>When do we use compound interest ?</h3>When interest on a balance in a savings or investment account is reinvested, you receive compound interest, which results in higher interest payments. Money makes money, a wise man once said. And money makes money by making more money. Compound interest speeds up the long-term growth of your savings and investments.
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