The formulas for Simple Interest (SI) and Compound Interest (CI) are:
Simple Interest (SI): SI=P×R×T÷100, where P is the principal amount, R is the rate of interest, and T is the time in years.
Compound Interest (CI): CI=P×(1+100R​)T−P where P is the principal amount, R is the rate of interest, and T is the time in years.