Question

harpreet borrowed 20000 from her friend at 18% per annum simple interest she lent it to alam at the same rate but compounded annually find her gain after 2 year​

Answer 1

Answer:

• Gain earned by Harpreet :

⇢ Difference = Principal × [ Rate / 100 ]²

⇢ Difference = 20000 × [ 18 / 100 ]²

⇢ Difference = 20000 × 324 / 10000

⇢ Difference = 2 × 324

⇢ Difference = Rs. 648