find out the difference between the simple and compound interest on Rs 40,000 at 10% per annum for 2 years.
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S.I = P×R×T/100
= 40000×10×2/100
= 8000
With C.I
A = P(1+r/100)^n
= 40000 (1+10/100)^2
= 4000×121/100
= 48400
C.I = A-P
= 48400-4000
= 8400
Different between = 8400-8000
= 400
= 40000×10×2/100
= 8000
With C.I
A = P(1+r/100)^n
= 40000 (1+10/100)^2
= 4000×121/100
= 48400
C.I = A-P
= 48400-4000
= 8400
Different between = 8400-8000
= 400
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