Question

Find the difference between the simple interest and compound interest on Rs 5000 at 4 % per annum for 3 years​

Answer 1

Answer:

24.32 rs

Step-by-step explanation:

SI = 5000 ×4×3/100 =600

CI = 5000(1+4/100)^3

5000×52/50×52/50×52/50 = 5,624.32

CI = 5624.32 - 5000 = 624.32

CI - SI = 624.32−600

24.32 rs

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Answer 2

Given:

Rs 5000 at 4% per annum for 3 years​

To Find:

The difference between the simple interest and compound interest

Solution:

Formula to determine simple interest:-

$SI = \frac{P.R.T}{100}$

    = (5000x4x3) /100 = 600

Formula to determine compound interest:-

$CI = P(1 +\frac{r}{100})^{t}-P$

$CI = 5000(1 +\frac{4}{100})^{3}-5000$

    =( $5000X\frac{104}{100}X\frac{104}{100}X\frac{104}{100}$) - 5000

    = 5624.32 - 5000

    = 624.32

Difference between the simple interest and compound interest:-

   = CI - SI

  = (624.32 - 600) = 24.32

Hence, the difference between the simple interest and the compound  interest is Rs 24.32