bhaskar deposited rupees 10000 at 7% per annum in a fixed deposit scheme for two years and the nick deposited rupees 8000 at 8% per annum for 3 years the interest in each case is compounded annually who will get more compound interest how much more
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for 1st year baskar will get 7% of 10000 that is 700
2nd year (700+7%of 700)=(700+49)=749
total interest =700+749=1449
for Nick
1st year interest=8%of8000=8*80=640
2nd year =640+8%of 640=640+51.2=691.20
3rd year =691.20+8%of691.20=691.20+55.28=746.48
total=640+691.20+746.48=2077.68
Nick will get more.
diff=2077.68-1449=628.68
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