Simple and compound interest (applied)
General · Mathematics
Study notes
Q: ₹10000 at 10% for 3 years: simple vs compound interest. SI: 10000×0.10×3 = ₹3000. Total ₹13000. CI: 10000(1.1)³ = 10000×1.331 = ₹13310. Interest ₹3310. CI exceeds by ₹310 (interest on interest!). Rule of 72: double in 7.2 years! (Compounding: growth on growth!)