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itoikenza
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can you tell me how to do compound interest calculations with a calculator that has only plus, minus, divide, multiply?final = Principal( 1 + interest )exponent
itoikenza said:can you tell me how to do compound interest calculations with a calculator that has only plus, minus, divide, multiply?
final = Principal( 1 + interest )exponent
Principal on a simple calculator refers to the initial amount of money that is being borrowed or invested.
The formula for calculating (1 + interest) exponent on a simple calculator is Principal x (1 + interest)^n, where n is the number of compounding periods.
Interest on a simple calculator is calculated by multiplying the principal amount by the interest rate and the number of years.
The exponent in the (1 + interest) exponent formula represents the number of compounding periods, which can be annual, semi-annual, quarterly, or monthly.
No, the (1 + interest) exponent formula is specifically used for calculating compound interest, where the interest is added to the principal amount at regular intervals.