Answer:
Interest Rate = (Simple Interest × 100)/(Principal × Time)
formula: CI = P( 1 + r/100)n
Step-by-step explanation:
EXAMPLE:
if you deposit $1,000 in an account that pays 1 percent annual interest, you'd get $10 in interest after a year. Compound interest is interest that you earn on interest. So, in the above example, in year two, you'd earn 1 percent on $1,010, or $10.10 in interest payouts
