Question

Daniel deposited $10,000 in a bank at the rate of 5% p.a simple interest and Claire
deposited $ 10,500 at the rate of 5% p.a compounded annually. Find the difference
in interest received by Daniel and Claire at the end of 2 years.

Please Answer

Answer 1

Answer:

Solution,

FIRST FIND INTEREST OF Claire,

I = PxTxR

I = 10500x5%x2

I = 105000

Again,

Let us find of Daniel,

I = PxTxR

I = 10,000x5x2

I = 100,000

Later,

Finding difference,

105,000 - 100,000

5000

Therefore, there is difference of 5000.

Step-by-step explanation:

THX =)