1. What is simple interest? What is compound interest and its importance?

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01-07-2024
Mathematics

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1. What is simple interest? What is compound interest and its importance?

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-01T11:05:20-04:00

Final answer:

Simple interest is based only on the principal amount, while compound interest involves both the principal and accumulated interest, leading to higher returns.

Explanation:

Simple interest is calculated only on the principal amount, while compound interest involves calculating interest on both the principal amount and any accumulated interest. Simple interest is straightforward and easy to calculate, whereas compound interest can result in higher returns due to interest being reinvested and earning more interest over time.

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