Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. Thought to have originated in 17th-century Italy, compound interest can be thought of as "interest on interest," and will make a sum grow at a faster rate than simple interest, which is calculated only on the principal amount.
Compound interest, or 'interest on interest', is calculated with the compound interest formula. Formula -
A = P(1 + \frac{r}{n})^{nt}
A = final amount, P = initial principal balance, r = interest rate, n = number of times interest applied per time period, t = number of time periods elapsed.
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🔗 Link :- https://akashmarkad.github.io/Compound-interest-calculator/