![compound interest calculator](https://handsaccounting.com/wp-content/uploads/2022/07/compound-interest-calculator-1.jpg)
Compound interest formula
The standard formula used by our compound interest calculator is:
P1 = P (1+r/n) nt
Where:
P1 = new principal amount
P= original principal amount
r= rate of interest
n= compounding frequency
t= total time the interest will be charged