Associate
Hi guys. Any maths guys in here. Am writing a program and need a bit of help with the maths
Simple interest is
I = (P*R*T)/100
Where
P Is the principal amount invested
R is the ammual rate of interest
T is the Period of investment in years
I is the simple interest Earned
So on this £100 invested
10% interest rate
1year
I come to £110 all together. So £10 interest
Now this is where i am cofused
Compound interest
A=P*(1+R/100)^T
where
P Is the principal amount invested
R is the ammual rate of interest
T is the Period of investment in years
A is the amount that the principal becomes after T years
But I get the same answer and is compund and simple interest not different. Im confused could someone explain it
Simple interest is
I = (P*R*T)/100
Where
P Is the principal amount invested
R is the ammual rate of interest
T is the Period of investment in years
I is the simple interest Earned
So on this £100 invested
10% interest rate
1year
I come to £110 all together. So £10 interest
Now this is where i am cofused
Compound interest
A=P*(1+R/100)^T
where
P Is the principal amount invested
R is the ammual rate of interest
T is the Period of investment in years
A is the amount that the principal becomes after T years
But I get the same answer and is compund and simple interest not different. Im confused could someone explain it