Question

Find the difference between simple interest and compound interest on ₹20000at8p.c.p.a.for 2 years

Answer 1

principle - rs.20000
rate-8%
time-2 yrs

formula of CI= p (1+rate÷100)^time
20000 (1+8÷100)^2
20000×(108÷100×108÷100)
2×1164
23,328 (CI)
amount= CI-PRINCIPLE
23,328-20000
=>rs. 3,328 ans.