Shankar takes a loan of Rs. 10000 at a compound interest rate of 10% per annum. (1) Find the compound interest after 1 year. (2) Find the compound interest after 2 years. (3) Find the sum of money required to clear the debt at the end of 2years. (4) Find the difference between the compound interest and the simple interest at the same rate for 2 years.
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Step-by-step explanation:
. Compound interest after one year = 10000 * 10/100
= 1000
2. Compound interest for 2 years = 11000 * 10/100
= 1100
3. Sum of money required to clean the debt = 11000 + 1100
= 12100 rs
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