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It is easiest to concentrate on how much your total money will increase, and to use factors as follows. For example, if you start with 1000 dollars, at 7% a year, your money will increase by a factor of 1.07 (1 stands for the original capital, 0.07 to the 7% increase) every year. In 5 years, your capital will increase by a factor of 1.07 x 1.07 x 1.07 x 1.07 x 1.07, which can be written as 1.075. Calculate this, and if you want to know how much of this was interest, just subtract the original capital.

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Q: What is the mathematical formula to find out the compounded interest?
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the formula for simple interest is I=PRT (interest=principal x rate x time )


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