. Find the difference between the simple interest and
compound interest on 60,000 at 10% per annum for
3 years.
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Step-by-step explanation:
let time be 7 half years
and rate of interest =10/2=5%
simple interest = prt/100 = 60000 ×5×7/100 = Rs21000
compound interest = p(1 + r/100)^t - p= (60000(1+5/100)^7) - 60000=((60000×105^7)/100^7) - 60000= 84426.03 -60000 =Rs. 24426.03
difference = 24426.03 -21000 = Rs.3426.03
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