6. What is the difference between the compoundinterest and simple inte – InterviewSolution

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1.	6. What is the difference between the compoundinterest and simple interest on 8000 at 15% perannum for 2 years?(a) 280(c) 80(b) R 100(d) No difference
Answer» C.I.A=p[1+r/100]2 = 8000[1+15/100]2 = 8000[100+15/100]2 = 8000[115/100]2 = 8000* 115/100* 115/100 = 10580I = A -P = 10580 - 8000 = 2580S.I.S.I. = PRT/100 = 8000 15 2/100 = 2400Difference =C.I. - S.I. = 2580 - 2400 = 180

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