Question

find the difference between the compound interest (compounded annually) and the simple interest on rupees 2000 for 3 years at the rate of 8% per annum​

Answer 1

Answer:

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Step-by-step explanation:

Principal sum P=Rs.2000

Time period (t)=3 years

Rate of interest (R)=8% per annum

As we know that,

S.I.=

100

P×R×t

⇒S.I.=

100

2000×3×8

=Rs.480

Also,

A=P(1+

100

R

)

t

A=2000(1+

100

8

)

3

⇒A=2000×(

25

27

)

3

⇒A=Rs.2519.424

Therefore,

C.I.=A−P

⇒C.I.=2519.424−2000=Rs.519.424

Now,

Difference between compound interest and simple interest =519.424−480=Rs.39.424

Answer 2

Answer:

39.424

Step-by-step explanation:

Given:

principal = 2000

rate = 8%

Time = 3 yrs

Solution:

Simple intrest = si = P ×I × T

si = 2000 × 8% × 3

si = 480

compound intrest = $p[(1+i)^n-1]$

$CI = 2000[(1+0.08)^3-1]$

$CI = 2000[(1.08)^3-1]$

$[(1.08)^3-1]$ = 0.259712

CI = 2000 × 0.259712

CI = 519.424

Difference is

519.424 - 480 = 39.424