Question
Download Solution PDFThe difference between the compound interest, compounded annually and the simple interest if ₹47,100 is deposited at 9% rate of interest per annum for 2 years is:
Answer (Detailed Solution Below)
Detailed Solution
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Given:
Principal (P) = ₹47,100
Rate (R) = 9%
Time = 2 years
Formula used:
Difference for 2 years = P
Calculations:
⇒
⇒
⇒ Difference = 47100 × 0.0081 = 381.51
∴ The difference between CI and SI for 2 years = ₹381.51.
Alternate Method
Formula used:
Simple interest (SI) =
Compound interest (CI) = P
Calculations:
SI =
CI = 47100
1.092 = 1.1881 ⇒ CI = 47100
Difference = CI – SI = 8859.51 – 8478 = 381.51
∴ The difference between compound and simple interest = ₹381.51.
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