Question

Calculate the difference between C.I and S.I for 2 years on Rs.500 at 6% p.a.​

Answer 1

SIMPLE INTREST

P=500 rupees

R=6%

T=2 years

SI=P×R×T/100

=>500×6×2/100

=>60

COMPOUND INTREST

Compound interest of first year

CI=P×R×T

=>500×6×1/100

=>30

Compound intrest of second year

New Principal=>500+30=>530

CI=P×R×T/100

=>530×6×1/100

=>31.8

Total compound interest=>61.8

DIFFERENCE

=>61.8-60=>1.8

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