This has been one of my biggest hurdles in VCE Physics, as I was not able to derive the formula. I have been told that
truetears has posted a quite elegant solution involving similar triangles, though I cannot find it. [If someone could link/copy it, that'll be great =) ]
Anyhow, bored in my lecture today, here's a derivation that is slightly beyond the level of Specialist but some of you still may enjoy.
Let

be the radius vector pointing away from the centre with magnitude

, and

is the angle it makes with the horizontal. Let

be a unit vector pointing in the direction of the horizontal axis, and

be a unit vector pointing in the direction of the vertical axis.
)
Let

be the unit vector of

,

Let

be the velocity vector with the magnitude

. Assuming the motion is observed from a point such that the object is traveling in a counter-clockwise direction. Since

is perpendicular to the radius vector, it makes an angle of

with the horizontal axis.
 \tilde{i} + \sin \left( \theta+\frac{\pi}{2}\right) \tilde{j} )\right)
 \tilde{i} + \cos \left( \theta+\frac{\pi}{2}\right) \tilde{j}\right) \\<br />&= v (-\cos \theta \tilde{i} - \sin \theta \tilde{j}) \\<br />&= -v \hat{r} \\ \end{align*})
Using the arc-length



Let the acceleration vector be


Magnitude of acceleration:

The direction of acceleration (

) is

, opposite the radius vector, i.e. in towards the centre.