what is difference between the simple interest and compound interest on r.s 7300at the rate of 6 percentage per annum in 2 years?
Answers
Given :
To find :
What is the difference between the simple interest and compound interest on Rs.7300 at the rate of 6% per annum in 2 years
Solution:
Case 1:
Principal = 7300
Rate = 6%
Time = 2 years
\begin{gathered}SI = \frac{P \times T \times R}{100}\\Si=\frac{7300 \times 2 \times 6}{100}\\SI=876\end{gathered}
SI=
100
P×T×R
Si=
100
7300×2×6
SI=876
Case 2:
Principal = Rs.7300
Rate of interest = 6%
Time = 2 years
\begin{gathered}A= P(1+r)^t\\A=7300(1+0.06)^2\end{gathered}
A=P(1+r)
t
A=7300(1+0.06)
2
A=8202.28
Compound interest = 8202.28 - 7300=902.28
Difference between ci and si = 902.28-876=26.28
Hence The the difference between the simple interest and compound interest on Rs.7300 at the rate of 6% per annum in 2 years is 26.28
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