What will be the difference between
simple and compound interest at 10% per
annum on a sum of Rs.1,000 after 4 years?
Answers
Answered by
1
Answer:
64
Step-by-step explanation:
SI=(RT)% of P
= (10*4)% of 1000
= 40% of 1000 =400
CI=4x+6y+4z=4*100+6*10+4*1=464
∵x=1000*10%=100
y=100*10%=10
z=10*10%=1
or
CI=P((1+R%)^T -1)
=1000((1+10/100)^4 -1)
=1000((11/10)^4 -1)
=1000(4641/10000)=464.1
the difference between
simple and compound interest is
464-400=64
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