Question

Find the difference between compound interest and simple interest on Rs45000 at12%per annum for 3year

Answer 1

Answer:

Given:

Principal = P = 45000 Rs

Time = T = 3 yrs

n = 3

Rate of Interest = R = 12%

Simple Interest:

SI = P×T×R

100

= 45000×3×12

100

= 16200 Rs

Compound Interest:

CI = P( 1 + R )^3

100

= 45000( 1 + 12 )^3

100

= 63221.76 Rs

Difference:

CI - SI = 63221.76

-16200.00

47021.76 Rs

Hope it helps

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