Let us fill in the blanks:

(i) The compound interest and simple interest for one year at the fixed rate of interest on fixed sum of money are_____________.

(ii) If some things are increased by fixed rate with respect to time, that is ___________.

(iii) If some things are decreased by fixed rate with respect to time this is uniform rate of ___________.

(i) The compound interest and simple interest for one year at the fixed rate of interest on fixed sum of money are unequal.

In simple interest, the interest is calculated on principal only.

While in compound interest, the interest accrued is added to the principal to get the new principal.

(ii) If some things are increased by fixed rate with respect to time, that is uniform rate of growth.

Examples are increase in population, increase in the number of learners, etc.

(iii) If some things are decreased by fixed rate with respect to time this is uniform rate of decreases or depreciation.

Examples are fall of efficiency of machine, decrease valuations of old building and furniture, etc.