Question

Shankar takes a loan of 10000 at compound interest rate of 10% per annum then find the difference between the compound interest and the simple interest at the same rate of 2 years​

Answer 1

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Answer 2

Answer:

Answer:

10%

Step-by-step explanation:

Initial amount- 3000

Sum in two years- 36030

Interest- compounded yearly x 2 years

Interest rate-x

3000*(1+x)^2=3630

(1+x)^2= 3630/3000

(1+x)^2=1.21

1+x=1.1

x=0.1 = 10%

Answer is 10% interest rate