Reena and ruchira borrowed rupees60,000 and 50,000 respectively for a period of 3 years Reena paid at simple interest @ 10% per annum while Ruchira paid compound interest@ 10% per annum compounded annually who paid more interest and by how much plzzzzz do this with full detail plzzzzz
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Step-by-step explanation:
SI = prt/100 = 60000*10*3/100 = 18000
CI = p(1+1/10)^3 - p
= 50000(11/10)^3 -p
= 50000*121*11/1000. -p
= 121*11*50. -p
= 66,550 - 50,000
= 16,550
Reena paid more by 18000 -16550=1450
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