Question

Find the difference between the simple interest and compound interest on 2000 in2 years at 8% per annum

Answer 1

p=2000
r=8per cent
t=2years
si=p*r*t/100
=2000*8*2/100
=320
ci for first year
a=p+si
=2000+320
=2320
ci for second year
p=2320
r=8 percent
t=1year
si=p*r*t/100
=2320*8*1/100
=185.6
total ci=2320+185.6
=2505.6
may be correct answer

Answer 2

P=2000.n=2years.r=8%
so SI=2000×2×8/100
=320
For CI....
A=
$2000(1 + 8 \div 100) ^{2}$
=2332.8
So ...CI=2332.80-2000=332.80
So the difference between them is=12.80