Find the difference between compound interest and simple interest for 2 years on Rs 8000 at 6% annum compounded annually
Answers
principle=8000
rate=6%
Years=2
CI=p(r+1/100)^2
=8000(6+1/100)^2
= 8000(601/100)(601/100)
=8*601*60.1
=40928.1
SI=PRT/100
8000*6*2/100
=960
difference=40928.1-960
=39968.1
Answer:
( P ) = Rs. 8000
Time ( T ) = 2 years
Rate of Interest ( R% ) = 6%
▶ Explanation :-
=> Simple Interest ( SI ) = P × T × R / 100
= 8000 × 2 × 6 / 100
= 80 × 2 × 6
= 960
Simple Interest ( SI ) = Rs. 960
=> Amount = P ( 1 + R / 100 ) ^ n
= 8000 ( 100 + 6 / 100 ) ^ 2
= 8000 ( 106 / 100 ) ^ 2
= 8000 ( 11236 / 10000 )
= 8 × 11236 / 10
= 8988.8
Amount = Rs. 8988.8
=> Compound interest = Amount - Principle
= 8988.8 - 8000
= 988.8
Compound interest = Rs. 988.8
=> Difference = CI - SI
= 988.8 - 960
= 28.8
Difference = Rs. 28.8
Step-by-step explanation:
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