Wednesday, June 21, 2017

Compounded Interest On Principal

Final_Amount: The future amount including compounded interest
Principal: The starting amount
rate: interest rate in decimal  
n:the number of times that interest is compounded per year
time: the number of years the amount is compounded
https://goo.gl/sXRkHQ

Usage:

function Compounded_Interest(Principal,rate,n,time)=let(
Final_Amount =Principal *pow( (1 + rate/n) , n*time) )
Final_Amount;

echo(100,Compounded_Interest(100,0.05,1,10));

Challenge 1: Can you make a diagram displaying the growth month by  month?
 
Challenge 2: What if you add in a monthly saving?

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