Find the difference between CI & SI or 2 years at 12% rate of interest. If principal is Rs. 2500.
- Rs. 24
- Rs. 36
- Rs. 32
- Rs. 28
Answer (Detailed Solution Below)
Option 2 : Rs. 36
Free
15 Questions 15 Marks 8 Mins
Given:
The principal = Rs. 2500
Rate of interest = 12%
Time = 2 years
Concept:
SI = (P × R × T)/100
CI = P[(1 + r/100)n – 1]
Here, n is the number of terms in the year.
Calculation:
The simple interest for 2 years
⇒ (2500 × 12 × 2)/100
⇒ 25 × 12 × 2
⇒ Rs. 600
Now, Compound interest for 2 years is
⇒ 2500[(1 + 12/100)2 – 1]
⇒ 2500[(112/100)2 – 1]
⇒ 2500 × (28/25)2 – 2500
⇒ 2500 × (784/625) – 2500
⇒ 3136 – 2500
⇒ Rs. 636
Now, The difference between CI and SI is
⇒ Rs. 636 – Rs. 600
⇒ Rs. 36
∴ The difference between CI and SI is Rs. 36.
The difference between CI and SI for 2 years is P(r/100)2
The difference is
⇒ 2500(12/100)2
⇒ 2500 × 144/10000
⇒ Rs. 36
∴ The difference between CI and SI is Rs. 36.
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Updated On: 27-06-2022
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