Understanding Simple Interest and Compound Growth

The video tutorial covers the calculation of simple interest using the IPRY formula, where interest is calculated by multiplying the principal, rate, and time. It then explains compound growth, which involves repeated percentage increases or decreases over time, and provides examples of calculating compound interest and depreciation. The tutorial also highlights the importance of rearranging formulas to solve for different variables.

What is the formula used to calculate simple interest?

How do you convert a percentage rate into a decimal for calculations?

Explain the difference between simple interest and compound growth.

What is the process for calculating compound interest over multiple years?

How do you calculate depreciation using a percentage?