The difference between the simple interest and the compound interest on rupees 5000 for 2 years at 9% per annum.
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Answers
Answer:
SIMPLE INTEREST:
A = $5,900.00
(I = A - P = $900.00)
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 9%/100 = 0.09 per year.
Solving our equation:
A = 5000(1 + (0.09 × 2)) = 5900
A = $5,900.00
The total amount accrued, principal plus interest, from simple interest on a principal of $5,000.00 at a rate of 9% per year for 2 years is $5,900.00.
COMPOUND INTEREST:
A = $ 5,940.50
A = P(1+ r/n)^(nt)
Where,
A = Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
R = Annual Nominal Interest Rate in percent
r = Annual Nominal Interest Rate as a decimal
r = R/100
t = Time Involved in years, 0.5 years is calculated as 6 months, etc.
n = number of compounding periods per unit t; at the END of each period
A = P + I where
P (principal) = $ 5,000.00
I (interest) = $ 940.50
Answer:
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