Math, asked by jeetendrashah581, 10 months ago

a bamk offers two rate of interest. one is 10% p.a. simple interest.,while the other is 9.75% p.a. compounded annually. which scheme will bring more interest on $ 64,000 invested for 2 years and by how much ?

answers are 9.75% and $288.49......


but i want full explanation...
i will mark that person's answer as brainliest and i will follow that person......



i want just full method....​

Answers

Answered by rohitrs0908
7

Answer:

Step-by-step explanation:

For simple interest

Interest = (64000*10*2)/100 = 12800

For Compound Interest    

Amount = 64000(1 + 0.0975)²

= 64000(1.0975)²

= 64000 * 1.20450625

= 77,088.4

Interest = Amount - Principal

= 77,088.4 - 64000

= 13088.4

Difference in Interest

= 13088.4 - 12800

= 288.4

Similar questions