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CBSE Class 8 Answered

find the difference between the simple interest and compound interest on 24000 for 2 years at 6% per annum per annum
Asked by mehendramaddheshia | 18 Dec, 2019, 07:50: AM
answered-by-expert Expert Answer
P = Rs. 24000, r = 6% p.a. and n = 2 years
Compound interest = P(1 + i)n - P
                            = P[(1 + i)2 - 1]
                            =24000 (1.062 - 1)
                            = Rs. 2966.4
Simple interest = Pnr/100
                       = 24000 × 2 × 6/100
                       = Rs. 2880
Difference = 2966.4 - 2880 = Rs. 86.4
Answered by Sneha shidid | 18 Dec, 2019, 09:26: AM

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