Question

Find the difference between the simple interest and compound interest on 2500 for 2 years at 4% per annum, compound interest being reckoned semi-annually.

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Answer 1

Answer:

Step-by-step explanation:

$P=2500\\R=4% per annum\\\\T=2years\\simple interest=\frac{P*R*T}{100} \\=\frac{2500*4*2}{100} \\=200\\so SI is 2500+200\\=2700\\compound interest=p(i+\frac{R}{100})^n\\=207.86\\so 2500+207.86\\=2,707.86$

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