can someone please let me know which formula for compound interest is correct? 1 or 2:
1) S = P(1 + I)^n
2) S=P(1+I)^(nt)
S=future value
P=principle amount
I= periodic rate of interest (annual rate divided by the number of periods per year)
n=number of periods
t=time
1) S = P(1 + I)^n
2) S=P(1+I)^(nt)
S=future value
P=principle amount
I= periodic rate of interest (annual rate divided by the number of periods per year)
n=number of periods
t=time
