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Formula:
The formula for compound interest is:
A = P(1 + r/n)nt
- A = the future value of the investment/loan, including interest
- P = the principal investment amount (the initial deposit or loan amount)
- r = the annual interest rate (as a decimal, e.g., 5% becomes 0.05)
- n = the number of times that interest is compounded per year
- t = the number of years the money is invested or borrowed for