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Review: Simple and compound interest
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Learn it Simple: $I = Prt$. Compound: $A = P(1 + r)^t$. If interest is compounded n times a year, use rate ÷ n for n × t periods.
Example: $\$5{,}000$ at 4% compounded semi-annually for 2 years.
- Per half-year: 4% ÷ 2 = 2%. Periods: 2 × 2 = 4.
- $A = 5{,}000 \times 1.02^4$.
- $A \approx \$5{,}412.16$.
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