## LO: To calculate compound interest in non-annual settings.

Know:

• What interest is.
• How to calculate simple interest.
• How to calculate compound interest.

Understand:

• That a quantity can grow by a set amount over a set period of time.

Do:

• I can calculate the compound interest of a quantity in non-annual interest settings.

# What is Interest?

### What lenders charge is called interest. # Formula for Calculating Interest  # Compound Interest ### It is basically earning “interest on interest”. # Formula for Calculating Compound Interest ### n – is the number of periods (is it charged once per year – annually, or bi-annually – twice per year.)

FV – is the future value, what is the total amount you will owe or gain after all of the periods.

# Formula for Calculating Compound Interest Non-Annual Settings # Compound Interest Worksheets compound-interest-worksheet-1.pdf
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