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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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Q: How do you figure out interest?
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