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Question 91
What is the difference between Compound Interest and Simple Interest on Rs.1000 at 10% after 4 years?
Solution
Simple interest SI= P× N×R ÷ 100
P=principle amount
N= Time period
R= rate of interest
SI=1000×10×4÷100
SI=400
For compound interest (CI)
Amount=P×(1+R÷100)^N
Amount=1000×(1+10÷100)^4
Amount=1464.1
Amount=P+CI
CI=Amount-P
CI=464.1
CI-SI=64.1
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