Question

(a) Find the difference between compound interest and simple interest on Rs. 45000 at 12% p.a., for 2 years.
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Answer 1

Answer:

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Answer 2

Answer:

There is difference of Rs. 648 in compound interest and simple interest.

Step-by-step explanation:

• Principle (P) = Rs. 45,000
• Rate (R) = 12 %
• Time (T) = 2 years

SIMPLE INTEREST -

⇒ PRT/100

⇒ (45000 * 12 * 2)/100

⇒ 450 * 24

⇒ 10800

Simple Interest = Rs. 10800

COMPUND INTEREST -

⇒ P(1 + R/100)ᵀ - P

⇒ 45000(1 + 12/100)² - 45000

⇒ 45000(112/100)² - 45000

⇒ 45000 * 112/100 * 112/100 - 45000

⇒ 45 * 112 * 112/10 - 45000

⇒ 56448 - 45000

⇒ 11448

Compound Interest = Rs. 11448

DIFFERECE -

⇒ CI - SI

⇒ 11448 - 10800

⇒ 648

Therefore there is difference of Rs. 648 in compound interest and simple interest.