Question

The difference between simple interest and compound interest on a sum of ` 6,00,000 for two years is

` 6000. What is the annual rate of interest?​

Answer 1

Answer:

ANSWER

Given Rate of interest is r=10%=0.1

Principal Amount is A=6,000

Time is t=2 years

Interest is compounded yearly once ⟹n=1

Amount =P(1+

n

r

)

nt

=6000×(1+0.1)

2

=7260

Interest is A−P=7260−6000=1260

Simple Interest is

100

6000×10×2

=1200

Difference between simple interest and compound interest is 1260−1200=60

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