Tag Archives: rate

C011 A C program to write a function that calculates the compounded interest amount for a given initial amount, interest rate & no. of years. The interest is compounded annually. The return value will be the interest amount

First thing to know before writing this program is the Simple interest Formula. COMPOUND INTEREST = (P *(1+R) N) P = PRINCIPAL AMOUNT. N = NUMBER OF YEARS (TIME). R = RATE OF INTEREST. Here the problem is the rate of interest should be in the form of 0.10 instead of 10%. Now, find out the variables… Read More »