Key learning points

1. Calculators are very useful here as they can be programmed efficiently.
2. This saves time and can reduce error.
3. It is also quick to reverse the process to find the original amount.
4. The use of a multiplier ensures greater efficiency.

Keywords

• Compound interest - Compound interest is the interest calculated on the original amount and the interest accumulated over the previous period.

• Exponential form - When a number is multiplied by itself multiple times, it can be written more simply in exponential form.

Common misconception