What will be the difference between simple and compound interest at 10% per annum
on a sum of ₹ 20000 after 3 years?
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⇒ P=Rs.20,000,T=2years and R=10%.
⇒ S.I.= PxRxT/100
⇒ S.I.= 20000x8x2/100
∴ S.I.=Rs.3200.
⇒ C.I.= P(1+R/100)T -P
⇒ C.I.=20,000×(1+8/100)2 -20000
⇒ C.I.=23,328−20,000
∴ C.I.=Rs.3328.
⇒ C.I.−S.I=Rs.3328−Rs.3200=Rs.128.
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