find the difference in the si and compound in interest on rs625 for 2 years at the rate of 4% per annum.
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1
Answer:
₹1
Step-by-step explanation:
Principal = P = ₹625
Rate = R = 4% per annum
Time = T or n = 2 years
SI = PRT/100 = 625*4*2/100 = ₹50
CI = P[(1 + R/100)ⁿ - 1] = 625[(1 + 4/100)² - 1] = 625[(1.04)² - 1] = 625[1.0816-1]
CI = 625[0.0816] = ₹51
∴ difference in CI and SI = 51 - 50 = ₹1
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