Find the difference between the simple interest at the rate of 10.50%

1.	Find the difference between the simple interest at the rate of 10.50% and compound interest at the rate of 10% per annum compounded annually, after 3 years on a sum of Rs. 1000.1). Rs. 102). Rs. 123). Rs. 144). Rs. 16
Answer» Compound interest after 3 YEARS = 1000 × [(1 + 10/100)³- 1] = 1000 × (1331 – 1000)/1000 = 331 Simple interest = (1000 × 3 × 10.5)/100 = 315 ∴ required DIFFERENCE = 331 – 315 = 16

Find the difference between the simple interest at the rate of 10.50% and compound interest at the rate of 10% per annum compounded annually, after 3 years on a sum of Rs. 1000.1). Rs. 102). Rs. 123). Rs. 144). Rs. 16

Answer»

Compound interest after 3 YEARS = 1000 × [(1 + 10/100)³- 1]

= 1000 × (1331 – 1000)/1000 = 331

Simple interest = (1000 × 3 × 10.5)/100 = 315

∴ required DIFFERENCE = 331 – 315 = 16

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