ICSE Class 9 Answered
Without using the formula, find the difference between compound interest and the simple interest on ₹16000 at 9% per annum in 2 years.
Asked by saritaverma1886 | 15 Oct, 2021, 08:56: PM
Expert Answer
Simple interest
1st year = 16000×0.09 = ₹1440
2nd year = 16000×0.09 = ₹1440
total = ₹2880
Compound interest
1st year = 16000×0.09 = ₹1440
2nd year = (16000+1440)×0.09 = ₹1569.6
total = ₹3009.6
Difference = ₹129.6
Answered by Arun | 20 Oct, 2021, 02:53: PM
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