Compound and Simple Interest
In this lesson on compound and simple interest, the instructor walks through how to find the final amount, or balance, for an investment using compound interest. They explain the variables involved, such as initial amount, interest rate, time, and number of compound periods per year, and how to use them in the compound interest formula. The instructor emphasizes the importance of using decimal form for interest rates and being careful with order of operations when plugging the formula into a calculator. They also briefly touch on the continuously compounded interest formula using the constant E.
Using Compound and Simple Interest to find Final value
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- $10 000 is invested for 5 years at 6% per annum compounded semi-annually. a)Determine the amount of investment at the end of the 5 years. b)Determine the interest earned in the 5 years
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