ABC Bank announces that they will give 7.85% Simple Interest on an amount (P) deposited for T years And 7.80% interest on the same amount for T years if it's compounded annually. Write a program to find out the suitable scheme ( Simple or compound) for you if you decide to invest Rs.10,000/- for 5 years. [ Hint: Find amount for SI and CI both and then compare to find and print the suitable option for you]
Answer in Step by Step method and also take out the output
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Explanation:
Simple Interest Calculation
Last Updated 29th Jan 2021
Simple interest is the method of calculating interest charged on the amount invested in a fixed deposit.
Understanding the Simple Interest Formula is essential to know about the basics of Finances.
Simple Interest is calculated on the principal amount on a daily/monthly/annual basis.
Principal Amount remains constant during the entire tenure on Simple Interest.
The formula for calculating Simple Interest is P x r x t ÷ 100, where P=Principal Amount, Rate of Interest & T= Time.
With a Simple Interest Calculator, you can calculate the interest without any error by saving time and efforts.
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