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Compound interest is calculated using the following formula −

CI = P*(1 + R/n) (nt) – P

Here,

- P is the principal amount.
- R is the annual interest rate.
- t is the time the money is invested or borrowed for.
- n is the number of times that interest is compounded per unit t, for example if interest is compounded monthly and t is in years then the value of n would be 12. If interest is compounded quarterly and t is in years then the value of n would be 4.

We are required to write a JavaScript function that takes in principal, rate, time, and the number n and calculates the compound interest.

Let’s write the code for this function −

const principal = 2000; const time = 5; const rate = .08; const n = 12; const compoundInterest = (p, t, r, n) => { const amount = p * (Math.pow((1 + (r / n)), (n * t))); const interest = amount - p; return interest; }; console.log(compoundInterest(principal, time, rate, n));

The output in the console: −

979.6914166032097

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