Simple Interest & Compund Interest

Simple Interest (SI) Formula:--
S.I. = Principal x Rate x Time

Compund Interest (CI) Formula:--
C.I. = Principal x (1 + Rate)Time − Principal

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Related FAQs

Q. Scott invests $500 for 7 years at a rate of 1.5% per year simple interest. Calculate the value of his investment at the end of the 7 years.

Ans: Here Principal P = $500 Time T = 7 years Rate R = 1.5 % Simple Interest (SI) Formula S.I. = Principal x Rate x Time      = (500 x 1.5 x 7)/100      = $5... read more