|A) 3387.42||B) 4387.42|
|C) 5387.42||D) 6387.42|
The mathematical formula for calculating compound interest depends on several factors. These factors include the amount of money deposited called the principal, the annual interest rate (in decimal form), the number of times the money is compounded per year, and the number of years the money is left in the bank.
FV = Future value of the Deposit
p = Principal or Amount of Money deposited
r = Annual Interest Rate (in decimal form )
n = No of times compounded per year
t = time in years