Which description of the parts of the compound interest expression is correct? P(1 + )nt P = principal; r = number of times interest is compounded per year; n = annual interest rate; t = time in years P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in number of compounding periods P = principal; r = monthly interest rate; n = number of times interest is compounded per year; t = time in number of compounding periods P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years

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08-10-2020
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Which description of the parts of the compound interest expression is correct? P(1 + )nt P = principal; r = number of times interest is compounded per year; n = annual interest rate; t = time in years P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in number of compounding periods P = principal; r = monthly interest rate; n = number of times interest is compounded per year; t = time in number of compounding periods P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years

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pstnonsonjoku pstnonsonjoku · Answer 1 · 2020-10-09T19:23:14+02:00

Answer:

P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years

Explanation:

Given the formula P(1 + r)^nt,

P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years

Compound interest is defined as interest on a loan, deposit or investment that is calculated on the basis of the principal invested, deposited or borrowed and the accumulated interest from previous periods.