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[SOLVED] Bank Intrest


DJTim666

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Are you trying to find simple interest or compound interest?

Is your interest rate per day, week, month, year?

How often is interest paid?

 

Detail please :)

 

And to find 0.01% you divide by 10,000.

 

if 100 is your original figure, then 100% = 100

1% = 1, which is 100/100

0.1% would be 0.1, or 100/1000

0.01% is 0.01, or 100/10000

 

100% of anything is n/1

10% is n/10

1% is n/100

0.1% is n/1000

0.01 is n/10000

 

Etc

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Compound continuosly (however you spell it)

 

pe^(rt) = $$$ Made

 

p = principle (what you first invested)

e = mathematical irrational number, sorta like pi

r = rate (how much %)

t = how long will you compound continously

 

Compound by a certain time period

 

p(1 + r)^t = $$$ Made

 

p = principle

r = rate

t = time compounded (in years)

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