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There are two types of interest, simple and compound:
Simple Interest is calculated by p*r*t
where,
p = principal (original amount invested)
r = interest rate for one period
t = time
Compound Interest is calculated by p * (1+ (r/n)) ^ n*t
where,
p = principal
r = interest rate
n = number of times per year the interest is compounded
t = number of years invested
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