Question

find the difference between the simple interest and the compound interest on rupees 5000 for 2 years and at 9% per annum

Answer 1

The required answer is Rs.40.5

Answer 2

principal = Rs. 5000
rate = 9%
time = 2years

now,
amount = p(1+r/100)^n
= 5000*109/100*109/100
= 59405/10
= 5940.5
compound interest = A-P
= 5940.5-5000
= 940.5

then,
simple interest = P*R*T/100
= 5000*9*2/100
= 900

difference = compounded interest - simple interest
= 940.5-900
= 40.5
thus, difference is 40.5.


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