Suppose I have $\$100$ and it increased $2850\%$. How much money will I have?
Can you also share the formula? thanks.
$2850\%=28.5$, so if you have 100 and it increases 2850% you have 2950 as $100(1+28.5)=2950$.
The formula is pretty simple:
$P = P_0(1 + r)$
$P$ = Final Principal
Why is this true? Let's expand:
$P = P_0(1 + r) = P_0 + rP_0$
Now, think about it... $rP_0$ is how much the original amount increased, and $P_0$ is the initial amount. Adding them together, and we get the new total.