Find the difference between the simple interest and compound interest on rupees 4800 for 2 years at 5% per annum compound interest being reckoned annually.
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Step-by-step explanation:
ANSWER
P=Rs 4800 r=5%p.a t=2 years
∴SI=
100
p+r
=
100
4800×2×5
=Rs 480
Compound interest
Case I P=Rs 4800 r=5%p.a. t=1 year
Interest =
100
4800×5×1
=Rs 240
∴A=Rs (4800+240)=Rs 5040
Case II P=Rs 5040 r=5%p.a. t=1 year
Interest =
100
5040×5×1
=Rs 252.
∴A=Rs (5040+252)=Rs 5292.
∴ Compound Interest −Rs=(5292−4800)=Rs 492
∴ Difference between compound Interest and Simple Interest =Rs (482−480)=412 Ans
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