Question
Mohan invests ₹8,000 each in two different schemes,
'A' and 'B', for a duration of 2 years. Scheme 'A' provides compound interest at an annual rate of 16% (compounded yearly), while Scheme 'B' offers simple interest at the same annual rate of 16%. Calculate the difference in the total interest earned from Scheme 'A' compared to Scheme 'B'.Solution
When Rs. 'P' each is invested at 'R'% p.a. for 2 years on compound interest and simple interest, then difference between interest = P x (R/100) 2 Therefore, required difference = 8,000 x (16/100) 2 = 8,000 x (256/10,000) = Rs. 204.8
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