10. A man invested Rs 16,000 at a simple interest rate of 8% per annum for 2 years. Had he invested
the sum at a compound interest rate of 8% per annum for the same period, how much more would
he have earned?
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Answer:
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Step-by-step explanation:
Simple interest=
100
16000×8×2
=2560Rs
Compound interest=16000(1+
100
8
)
2
−16000=16000(
25
27
)
2
−16000=
625
16000×729
−16000=18662.40−16000=2662.40Rs
Diff of intt.=2662.40-2560=102.40 Rs
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