Yearly Compound Interest is the interest earned on both the principal amount plus the accrued interest from prior years.

Formula: I = P(1 + r)y - P

I = Accrued Interest

P = Principal

r = Interest Rate

y = Number of years

Suppose you put a deposit of Php 1,000 into a savings account with 5% interest. You will have earned Php 628.89 at the end of 10 years.

##    Year Interest Earned
## 1     1           50.00
## 2     2          102.50
## 3     3          157.62
## 4     4          215.50
## 5     5          276.28
## 6     6          340.09
## 7     7          407.09
## 8     8          477.44
## 9     9          551.31
## 10   10          628.88

With this Shiny Application, you can input any principal amount and interest rate and see what the accrued interest will be for each year.

• You can input your initial loan or savings amount in the “Principal” box.
• You can indicate the interest rate you want in the “Interest Rate” box. However, please use decimal format (example: 0.05 for 5%)
• Use the slider to see how much interest is accrued given the number of years.

Link to the shiny app: https://rgnoguera.shinyapps.io/Comp_Int_Calc_Shiny-master/