Harish borrowed rupees 5,00,000 at 10% per annum from 2 year find the difference between compound interest and simple interest?
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Answer: 5000
Step-by-step explanation: Compound interest-
500000(1+10/100)²
500000*110/100*110/100
= 500000*22/20*22/20
500000*11/10*11/10
= 500000*121/100
= 605000 (CI)
605000-500000= 105000
SI= 500000*10*2/100= 100000(SI)
Difference
= 105000-100000
= 5000
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