The Compound Interest Calculator allows users to calculate any one of the following: Principal (P), Rate (R), Time (T), or Compound Interest (CI), using different compounding frequencies such as Annually, Monthly, Daily, etc.
CI = P × [(1 + R / (n × 100))^(n × T)] - P
- P = Principal
- R = Rate of interest (annual)
- T = Time in years
- n = number of compounding periods per year (1 for annual, 12 for monthly, etc.)
The component adapts based on the compound type selected (e.g., Monthly hides day/year fields when not applicable), ensuring both flexibility and accuracy.