What will be the difference between simple and compounded interest at the rate of 8%per annum on a sum of Rs 3000 after 2 1/2 years
Answers
Answered by
3
1.simple interest = p×r×t /100
=3000×8×3/100
=720
= 3000+720
=3720
2. compound interest
a=p(1+ r/100)^2 (1+r/100×1/2)
=3000(108/100×108/100) (108/100×1/2)
=181815. 84 rupee
Similar questions