Question

find the difference between the simple interest and compound interest on rupees 5000 at 2 years at 6% per annum

Answer 1

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Answer 2

Answer:

18

Step-by-step explanation:

Given, P = 5000, R = 6%, Time n = 2 years.

(i) Simple Interest:

SI = PTR/100

   = (5000 * 2 * 6)/100

   = 600.

(ii) Compound Interest:

A = P(1 + r/100)ⁿ

  = 5000(1 + 6/100)²

  = 5000(106/100)²

  = 5000(1.06)

  = 5618.

C.I = A - P

    = 5618 - 5000

    = 618.

(iii) Difference:

= 618 - 600

= 18.

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