PLEASE ANSWER THIS QUESTIONS
1. How banking industry is the backbone of an economy?
2. As an investor you go for CI (compound interest) or SI (simple interest) and why?
I don't whether it is maths or economics, but yes it is for class 8
so I have given economic subject
Answers
Answer:
1 . Banking is said to be the backbone of any economy as it has a direct bearing with financial and economic development. Economic development becomes faster if the banking sector is stronger and efficient. Retail finance or retail lending is that segment of retail banking which offers various loan products.
2 . Compound interest causes your wealth to grow faster. It makes a sum of money grow at a faster rate than simple interest because you will earn returns on the money you invest, as well as on returns at the end of every compounding period. This means that you don't have to put away as much money to reach your goals.
I hope that it will be the correct answer
Please make me brainliest
Have a nice day ARMY
Answer:
Refer to the above attachment
