Question
On a sum of Rs 5,000 at 10% per annum for 2 years, what
is the difference between compound interest (compounded annually) and simple interest?Solution
ATQ, Simple interest (2 years) = (5,000 × 10 × 2)/100 = 1,000 Amount by CI = 5,000 × (1.10)² = 5,000 × 1.21 = 6,050 CI = 6,050 − 5,000 = 1,050 Difference = CI − SI = 1,050 − 1,000 = 50
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