Question

what is the difference between the compound interest accured on an amount of Rs 15000 in 2 years at 8% p.a

Answer 1

Answer:

Step-by-step explanation:

P = 15000 ₹

Time period = T= 2 years

Difference in C.I and S.I = d= 96 ₹

Make formula for the above question :

d = P[(1+R/100)^2–1]—[(P*2*R)/100]

d= P[1^2+(R/100)^2+2(R/100)—1] — (2PR/100)

d= P[1+(R/100)^2+(2R/100)—1 — (2R/100)]

d= P(R/100)^2

Substitute the given values in the above derived formula

96 = 15000*(R^2)/10000

96 = 3(R^2)/2

R^2= 32*2

R^2 = 64

R = 8%

Rate of return =R= 8%