interestgeneratedeachtermisconstant,basedononlythestartingamount. Compoundinterestisanexampleofgeometric,orexponential,growthwhere theamountofinterestgeneratedeachtermincreasesbecauseitisbasedon boththestartingamountandpreviouslyearnedinterest. Slides3&4haveyousettingupyourworksheetandformattingyourcells Slides5-9haveyou...
Simple interest is an interest that is calculated only on the principal amount for any given time period. The formula for simple interest is SI = (PRT)/100, where P is the interest, R is the rate, and T is the time period.
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