Answer / Shivanshu

Simple interest is calculated on the principal amount alone, for a specified time period. The formula for simple interest is I = PRT (where P represents the principal, R the rate, and T the time in years). Compound interest, however, is calculated not only on the principal but also on any accrued interest from previous periods. The formula for compound interest is A = P(1 + R/n)^(nt) (where A represents the final amount, P the principal, R the annual rate, n the number of times the interest is compounded per year, and t the time in years).

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