Find the difference between the compound interest and simple interest on a sum of Rs16000 for 3 years if the rate of interest is 2% per annum.
Answers
Answer:
Step-by-step explanation:
Here is your answer
P = Rs 16000
R = 2%p.a
T = 3 years
SI = PRT/100
Simple interest is Rs 960
Now
For Compound Interest
A = P(1+ R/100)^n
Therefore Compound Interest is
= A - P
= 16,979.328 - 16000
= Rs 979.328
Now The difference between Compound Interest and simple interest is
= 979.328 - 960
= Rs 19.328
NOW FOR YOUR SECOND QUESTION PLEASE
CHECK
P = 3000
R = 10% p.a
= 10/4 % for Compound quarterly
T = 1 years
n = 1× 4 Compounded quarterly
Now
A = P (1+ R/100)^n
So Compound Interest is
= A - P
= 3311.43 - 3000
= Rs 311.43
HOPE YOU CHECK BOTH ANSWER
Answer:
Given,
SI=
100
PRT
=
100
16000)(2)(3)
=960
CI=P[1+
100
R
]
T
−P
=16000[(1+
100
2
)
3
−1]
=16000[(1.02)
3
−1]
=16000[0.061208]=979.328
Difference=CI−SI=19.328 Rs.
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