Question

8. Find the difference between the simple interest and compound interest on 60,000 at 10% per annum for 3½ years. ​

Answer 1

Step-by-step explanation:

Rs.3426.03

Step-by-step explanation:

let time be 7 half years

and rate of interest =10/2=5%

simple interest = prt/100 = 60000 ×5×7/100 = Rs21000

compound interest = p(1 + r/100)^t - p= (60000(1+5/100)^7) - 60000=((60000×105^7)/100^7) - 60000= 84426.03 -60000 =Rs. 24426.03

difference = 24426.03 -21000 = Rs.3426.03

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