two main difaranc between COMPOUND INTREST and SIMPLE INTERSS plz explain
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The interest, typically expressed as a percentage, can be either simple or compounded. Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.
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In simple interest the interest is not added to the principal while calculating the interest during the next period while in compound interest the interest is added to the principal to calculate the interest.
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