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How does compound interest work? - Answers

AnswerCompound interest works like this.Take a principle (The amount of money you deposit) of $10,000.Lets say that the interest rate is 8% and that it compounds anually.At the end of one year you would have $10,800.With simple interest, at the end of two years, you would have $11,600 because you only earn interst on the principle.After three years you would have $12,400.However, with compound interest, you will earn interest on not just the principle, but the compounded interest as well.Therefore, with compound interest, at the end of two years, you would have 11,664.After three years it would be $12,597.12 and so on.



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How does compound interest work? - Answers

https://math.answers.com/math-and-arithmetic/How_does_compound_interest_work

AnswerCompound interest works like this.Take a principle (The amount of money you deposit) of $10,000.Lets say that the interest rate is 8% and that it compounds anually.At the end of one year you would have $10,800.With simple interest, at the end of two years, you would have $11,600 because you only earn interst on the principle.After three years you would have $12,400.However, with compound interest, you will earn interest on not just the principle, but the compounded interest as well.Therefore, with compound interest, at the end of two years, you would have 11,664.After three years it would be $12,597.12 and so on.



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https://math.answers.com/math-and-arithmetic/How_does_compound_interest_work

How does compound interest work? - Answers

AnswerCompound interest works like this.Take a principle (The amount of money you deposit) of $10,000.Lets say that the interest rate is 8% and that it compounds anually.At the end of one year you would have $10,800.With simple interest, at the end of two years, you would have $11,600 because you only earn interst on the principle.After three years you would have $12,400.However, with compound interest, you will earn interest on not just the principle, but the compounded interest as well.Therefore, with compound interest, at the end of two years, you would have 11,664.After three years it would be $12,597.12 and so on.

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      AnswerCompound interest works like this.Take a principle (The amount of money you deposit) of $10,000.Lets say that the interest rate is 8% and that it compounds anually.At the end of one year you would have $10,800.With simple interest, at the end of two years, you would have $11,600 because you only earn interst on the principle.After three years you would have $12,400.However, with compound interest, you will earn interest on not just the principle, but the compounded interest as well.Therefore, with compound interest, at the end of two years, you would have 11,664.After three years it would be $12,597.12 and so on.

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