What is the difference between the simple and compound interest earned from a sum of 13,033 at a rate of 13 percent per annum for a period of 3 years (rounded off to 2 digits after decimal) ?
Here the principal amount is Rs 13033
R = 13%
Time = 3 years
For 3 years difference between CI and SI = $$\frac{P(R)^2}{(100)^2}\times(3 + \frac{R}{100})$$
= $$\frac{13033(13)^2}{(100)^2}\times(3 + \frac{13}{100})$$
= Rs 689.41
Create a FREE account and get:
