Question

8. Find the difference in C.I. and S.I. for P=Rs.8000 r= 5%
(pa), n=3 years.​

Answer 1

Simple Interest : ₹ 1200

Compound Interest : ₹ 472.8

Difference : ₹ 727.2

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Answer 2

Therefore the difference between Compound Interest and Simple Interest is Rs. 61/-

Given:

Principal Amount = P = Rs. 8,000/-

Rate of Interest = R = 5%

Number of years = n = 3 years

To Find:

The difference between Compound Interest and Simple Interest.

Solution:

The given question can be solved as shown below.

→ Simple interest = SI = PRN/100

⇒ SI = ( 8,000 × 5 × 3 )/100 = 1,200

Hence the Simple Interest SI = Rs. 1,200

→ Compound Interest = CI = P( 1 + R/100 )ⁿ - P

⇒ CI = 8,000( 1 +5/100 )³ - 8,000 = 8,000[ (1.05)³ - 1 ) = 1,261

Hence the Compound Interest CI = RS. 1,261

Difference between CI and SI = 1,261 - 1,200 = 61

Therefore the difference between Compound Interest and Simple Interest is Rs. 61/-

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