It is the interest that is computed on the principal and then added to it?
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It is the interest that is computed on the principal and then added to it?
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Answer:
Compound interest.
Step-by-step explanation:
Compound interest is calculated on the principal amount plus the accumulated interest of the previous periods
FORMULA:
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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