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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
answered-by-expert 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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