Find the difference between compound interest and simple interest on a sum of ₹12000 at the rate of 12% p.a. for 2 years (compounded annually).
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P=Rs12000
R=12%per annum
T=2 yrs
S.I.=P.R.T/100
=12000.12.2/100
=Rs2880
C.I=P(1+R/100) powerT
=12000(1+12/100)power2
=Rs15052.8
Difference between C.I. and S.I.=15052.8-2880
=Rs147648
R=12%per annum
T=2 yrs
S.I.=P.R.T/100
=12000.12.2/100
=Rs2880
C.I=P(1+R/100) powerT
=12000(1+12/100)power2
=Rs15052.8
Difference between C.I. and S.I.=15052.8-2880
=Rs147648
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