find the difference between the simple interest and compound interest on 24000 for 2 years at 6% per annum per annum

Asked by mehendramaddheshia | 18th Dec, 2019, 07:50: AM

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 | 18th Dec, 2019, 09:26: AM

Queries asked on Sunday & after 7pm from Monday to Saturday will be answered after 12pm the next working day.