Question

*What is the difference between compound interests for 2 years and 3 years for Rs. 500 at 10% rate compounded annually?*

1️⃣ ₹ 105
2️⃣ ₹60.50
3️⃣ ₹ 505.50
4️⃣ ₹ 165.50​

Answer 1

Answer:

(b) Rs. 60.50 is the correct answer.

Step-by-step explanation:

(i) For 2 years

Given;

P = 500

T = 2 years

R = 10%

A = P (1+R/100)^T

A = 500( 1+10/100)^2

A = 500(110/100)^2

A = 500 × 110/100 × 110/100

A = 605

CI = A - P

CI = 605 - 500

CI = 105 for 2 years

(ii) For 3 years

Given;

P = 500

T = 3 years

R = 10%

A = P(1+R/100)^T

A = 500(1+10/100)^3

A = 500(110/100)^3

A = 500 × 110/100 × 110/100 × 110/100

A = 665.5

CI = A - P

CI = 665.5 - 500

CI = 165.5

Difference = For 3 years - For 2 years

Difference = 165.5 - 105

Difference = 60.5

Hence , (b) Rs. 60.50 is the correct answer.

Hope it helps!!

Answer 2

Answer:

2️⃣ ₹60.50this is right answer