Simple and Compound interest (with example)

Question

17 Aug 2021

Answer :

Word Count : 396

**Simple Interest:**
Simple interest is a basic method of calculating interest on a principal amount over a specified period of time. It is calculated solely on the initial principal amount and does not take into account any interest that may have accrued over time.

**Formula for Simple Interest:**
Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100

**Example:**
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