2. Find the difference between simple interest and compound interest on 12,000 at 9% per annum for 3 years, compounded annually
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Answer:
300.348
Step-by-step explanation:
si= p×r×t/100
p=12000
r=9%
t=3
12000×3×9/100
=3240
a=12000+3240
=15240
ci=p(1+r/100)t
12000(1+9/100)3
12000×109/100×109/100×109/100
=15540.348
difference between simple interest and compound interest.
ci-si
15540.348-15240
=300.348
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