Calculate the difference between simple interest and compound interest on
₹ 8000 in 2 years at 5% per year.
Answers
Answered by
16
P=8000
R=5
T=2
SI=?
SI=P×R×T÷100
=8000×5×2÷100
SI=800
COMPOUND INTEREST:
P=8000
R=5
T=2
CI=?
CI=P(1+R÷100)n
=8000(1+5÷100)2
=8000(1+1÷20)2
=8000×(21÷20) ×(21÷20)
=8,820
CI=Amount-Principal
= 8,820-8000
=820
Hope it help you
Similar questions