Find the difference between the simple interest and the compound inter

1.	Find the difference between the simple interest and the compound interest on Rs.10,000 for 3 years at the rate of 10% p.a.
Answer» ong>Answer: SIMPLE INTEREST: I = PTR/100 P- PRINCIPLE T- TIME PERIOD R-RATE OF INTEREST I = INTEREST Now, I = 10000310/100 = 3000 Compound Interest Formula: A = P{1+R/100}^N Here, A= AMOUNT N= NO OF TIMES TO BE COMPOUNDED In our case, N=3 Now, A=10000{1+10/100}^3= 10000(1+0.1)^3 = 10000(1.1)^3= 10000*1.331=13310. Now the DIFFERENCE is 13310–13000= 310$ I hope you got your answer.

Find the difference between the simple interest and the compound interest on Rs.10,000 for 3 years at the rate of 10% p.a.

Answer»

ong>Answer:

I = PTR/100

P- PRINCIPLE

T- TIME PERIOD

R-RATE OF INTEREST

I = INTEREST

Now, I = 10000*3*10/100 = 3000

Compound Interest Formula:

A = P{1+R/100}^N

Here,

A= AMOUNT

N= NO OF TIMES TO BE COMPOUNDED

In our case, N=3

Now, A=10000{1+10/100}^3= 10000(1+0.1)^3

= 10000(1.1)^3= 10000*1.331=13310.

Now the DIFFERENCE is 13310–13000= 310$

I hope you got your answer.