Shankar takes a loan of 10000 at a Compound interest rate of 10%per annum Find the difference between the Compound interest and the same rate for 2year.
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For 1st year,
P = ₹10000
T = 1year
R = 10% p.a.
C. I. of 1st year = (P×R×T)/100
= (10000×10×1)/100
= ₹ 1000
Amount = 10000 + 1000 = ₹ 11000
For 2nd year,
P = ₹11000
T = 1year
R = 10% p.a.
C. I. of 2nd year = (11000×10×1)/100
= ₹ 1100
Therefore, Difference between both the C.I.'s = ₹(1100 - 1000) = ₹100
P = ₹10000
T = 1year
R = 10% p.a.
C. I. of 1st year = (P×R×T)/100
= (10000×10×1)/100
= ₹ 1000
Amount = 10000 + 1000 = ₹ 11000
For 2nd year,
P = ₹11000
T = 1year
R = 10% p.a.
C. I. of 2nd year = (11000×10×1)/100
= ₹ 1100
Therefore, Difference between both the C.I.'s = ₹(1100 - 1000) = ₹100
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