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How to calculate compound interest using a formula

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How to calculate compound interest using a formula

97,057 views October 25, 2013 5:19

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ChannelSimon Deacon

Description from the creator

This is the second video dealing with GCSE compound interest question. This time the question uses the formula:

Amount after n years = (starting amount) x (multiplier)^n

"Raj invested £4500 for 3 years in a savings account.
He was paid 4% compound interest per year.
How much did Raj have in his savings account after 3 years?"

I hope the video helps and please do leave a comment - thanks.

Visit mathswrap.co.uk real maths, tips and techniques. The quick tests, mentioned in the video, are on mathswrap.co.uk/quick-maths-tests

About this tutorial

Simon Deacon published this 5:19 video tutorial on October 25, 2013. It has been watched 97,057 times on YouTube.

Category
Education
Duration
5:19
Published
October 25, 2013
Views
97,057
Likes
1,092

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Further reading

  • Calculate Compound Interest: Formula with examples and ... mathwarehouse.com

    Compound interest is when a bank pays interest on both the principal (the original amount of money)and the interest an account has already earned. To calculate compound interest use the formula below. In the formula, A…

  • Compound Interest Formula With Examples - The Calculator Site thecalculatorsite.com

    Compound interest, or 'interest on interest', is calculated with the compound interest formula. The formula for compound interest is P (1 + r/n)^(nt), where P is the initial principal balance, r is the interest rate, n…

  • How to Calculate Compound Interest: 15 Steps (with Pictures) wikihow.com

    Gather variables the compound interest formula. If interest compounds more often than annually, it is difficult to calculate the formula manually. You can use a compound interest formula for any calculation. To use the…

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