Question

find the compound interest on Rs. 2000 for three years at 10% per annum. also find the difference between C.I. and S.I. for that period. ​

Answer 1

1)Compound Interest=Rs.662

2)Difference between the CI and the SI=Rs.62

Explanation:

Given:-

The amount is 2000 for three years per 10 annum

To find:-

1)find the compound interest on Rs. 2000 for three years at 10% per annum.

2)find the difference between C.I. and S.I. for that period.

Solution:-

Principle (P)=Rs. 2000

Time(T) =3 years

Rate of interest(R)=10%

1)Simple Interest (I)=PTR/100

=>I=2000×3×10/100

=>I=200×3

=>I=Rs. 600

Compound interest:

Amount =P[(1+(R/100)]^n

Here , P=2000,R=10% ,n=3

=>A=2000[{1+(10/100)}]³

=>A=2000[{1+(1/10)}]³

=>A=2000×[(10+1)/100]³

=>A=2000×(11/10)³

=>A=2000×11×11×11×1000

=>A=2×11×11×11

=>A=Rs. 2662

We know that

Amount=Principle+Interest

=>Interest=A-P

=>CI=2662-2000

=>Compound interest=Rs.662

Now the difference between CI and SI

=>662-600

=>Rs. 62

Answer:

1)Compound Interest=Rs.662

2)Difference between CI and SI=Rs.62

Answer 2

Explanation:

Simple Interest - Principle * Rate of = interest time /100 *

Simple Interest for 3 Years = 2000 * 10 *

3/100 Rs 600

Compound Interest = P(1+r/100n)nt - P

Compound Interest = 2000(1 + 10/100)³ - 2000

Compound Interest = 2000(1 + 0.1)³ -

2000

Compound Interest = 2000(1.1)³-2000

Compound Interest = 2000* 1.331 -

2000

Compound Interest = 2000 (1.331 -1)

Compound Interest = 2000 (0.331)

Compound Interest = 662

Difference between compound & Simple interest

= 662-600

= 62 Rs