Question

for a principal of rs.6000,rate of interest 5%, what is the difference in the amount that will accrue with simple interest and compound at the end of 2 yrs?? please please, solve it fast ,

Answer 1

SI=6000*5*2/100
=600
amount=6000+600=6600

amount compound interest=6000(1+5/100.
6000*21/20*21/20
=6615
difference= 6615-6600=15

Answer 2

SI=6000*5*2/100

=600

amount=6000+600=6600

amount compound interest =6000(1+5/100)

(6000*21/20*21/20

6615

differ

6615-6000=15