Ch 8 advances from simple interest to compound interest, introduces percentage increase and decrease, GST (Goods and Services Tax), and applies these to real-life scenarios involving banking, shopping, and taxation.
Compound interest is calculated on the principal plus accumulated interest. Formula: A = P(1 + R/100)ⁿ, where P = principal, R = annual rate, n = number of years. CI = A − P. CI is always greater than SI for more than 1 year.
Increase% = (increase/original) × 100. Selling price after discount: SP = MP × (1 − discount%/100). GST is added to the selling price: Final price = SP + GST. For successive discounts, apply each on the reduced price.
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Simple Interest is calculated only on the original principal. Compound Interest is calculated on the principal plus interest already earned. Over more than one period, CI is always greater than SI.
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