Question

Find the difference between the simple interest and compound interest on ₹24,000 for 2years at 6% per annum

Answer 1

Answer:

SI=PRT/100 = 24000 X 6 X 2/100= 2880(Simple interest)

CI Amount=P(1+r/100)^n

24000(1+6/100)^2

=26966.40

Now,

CI=A-P

CI=26966.40-24000=2966.40

Difference,

CI- Si

2966.40-2880

$2966.40 - 2880 = 86.40 \: is \: the \: correct \: answer$