An atom of element X has an electronic configuration of 1s²2s²2p⁶3s²3p³. In which group of the periodic table is X?

Explanation

Compound interest calculates interest on principal plus accumulated interest: A = P(1 + r)ⁿ, where A = final amount, P = principal, r = rate per period, n = number of periods.

Example: ₦10,000 at 5% for 3 years. A = 10,000(1.05)³ = ₦11,576.25. Compare to ₦11,500 with simple interest. The difference grows larger over time.

More compounding periods = more growth. Annual, semi-annual, quarterly, monthly compounding each yields more. Compound interest is why starting to save early matters so much.