Question
Download Solution PDFWhat is the difference (in Rs.) between the simple interest and the compound interest on a sum of Rs. 8000 for
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 8000
Rate = 10%
Time =
Formula used:
SI = (P × t × r)/100
CI = P(1 + r/100)t - P
P = Principal
t = time
r = rate
Calculation:
SI = (8000 × 12 × 10)/(100 × 5)
⇒ Rs. 1920
CI = 8000[1 + 10/100]2 × [1 + 4/100] - 8000
⇒ 8000 × 11/10 × 11/10 × 26/25 - 8000
⇒ 10067.2 - 8000
⇒ 2067.2
Difference = 2067.2 - 1920 = 147.2
∴ Required difference is Rs. 147.2
Shortcut Trick
So, the difference of CI and SI = 80 + 32 + 32 + 3.2
∴ The Difference of CI and SI = 147.2.
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