CALCULATE THE DIFFERENCE BETWEEN THE COMPOUND INTEREST AND THE SIMPLE INTEREST ON Rs 8000 IN THREE YEARS AT 10% PER ANNUM
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Step-by-step explanation:
Principal (P) = ₹8000
Rate (R) = 10% p.a.
Period (T) = 3 years
∴ S.I. for 3 years = PRT/100 = (8000 × 10 × 3)/100
= ₹2400
Now, S.I. for 1st year = ₹ (8000 × 10 × 1)/100
= 80 × 10 ×1 = ₹800
Amount for the first year = P + S.I.
= ₹ 8000 + ₹800 = ₹8800
Principal for the second year = ₹ 8800
Interest for the second year = (8800 × 10 × 1)/100
= ₹880
∴ Amount after second year = ₹8800 + ₹880
= ₹ 9680
Principal for the third year = ₹9680
Interest for the third year = ₹ (9680 × 10 ×1)/100 = ₹968
∴ C.I. for 3 years = ₹800 + ₹880 + ₹968
= ₹2648
∴ Difference between C.I. and S.I. for 3 years
= ₹ 2648 - ₹2400 = ₹248
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