Question
Find the difference between compound interest and simple
interest on Rs 5,000 for 2 years at 8% per annum (compounded annually).Solution
Simple Interest (SI): SI = (P × R × T) / 100 = (5,000 × 8 × 2) / 100 = (5,000 × 16) / 100 = 80,000 / 100 = Rs 800 Compound Interest (CI): Amount A = P(1 + R/100)² = 5,000 × (1 + 8/100)² = 5,000 × (1 + 2/25)² = 5,000 × (27/25)² = 5,000 × (729/625) First divide 5,000 by 625: 5,000 ÷ 625 = 8 So A = 8 × 729 = 5,832 CI = A − P = 5,832 − 5,000 = Rs 832 Difference = CI − SI = 832 − 800 = Rs 32 Answer: Rs 32
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What does the term "lean startup" refer to in entrepreneurship?
Which Indian government initiative focuses on promoting innovation and entrepreneurship among students in schools and colleges?
Which Indian government initiative focuses on supporting startups with funding, mentorship, and other resources?
Which of the following is a psychological factor affecting entrepreneurial growth:
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What is the term used to describe the process of scaling up a startup into a sustainable and profitable business?
