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The compound interest formula is:

genui{"finance_economics_learning_block":{"type_id":"COMPOUND_INTEREST","content":"A=P\left(1+\frac{r}{n}\right)^{nt}"}}

Where:

A = final amount
P = principal, or starting money
r = annual interest rate as a decimal
n = number of times interest is compounded per year
t = time in years

Example: if you invest $1,000 at 5% interest compounded monthly for 3 years:

For interest compounded once per year, use: