Correct option is (c) Monthly.
what is compound interest?
- The interest you earn on interest is known as compound interest.
- The monthly compound interest formula is also known as the formula of interest on interest calculated per month, the interest is added back to the principal each month.
- Total compound interest is the final amount excluding the principal amount.
- The interest can be either simple or compounded, and it is commonly stated as a percentage
- A loan or deposit's principal amount serves as the foundation for simple interest.
- Compound interest, on the other hand, is calculated based on both the initial principal and the interest that is added to it each period.
Formula -
[tex]A=P(1+r/t)^{2}[/tex] is the formula for computing compound interest.
Therefore, the interest in the savings account be compounded Monthly.
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