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The formular I=P.R.T is only for simple interest.
It takes a different form if the interest were to be compounded.
If the interest was compounded, you would use:
I=P[(1+(r/n))nt - 1] Where n= number of times compounded in a year
It takes a different form if the interest were to be compounded.
If the interest was compounded, you would use:
I=P[(1+(r/n))nt - 1] Where n= number of times compounded in a year
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