Introduction (Simple and Compound Interest)
Category : 7th Class
Introduction
In our daily life the transaction of money is a common phenomenon in business where transaction involves large amount of money. Money is borrowed from bank Sum from individuals for certain duration of time and at certain rate of interest. The sum further returned to the specified person or bank including the interest on the original sum. Interest is that excess money paid on borrowed amount.
The Interests are of two types:
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