Find the difference between Compounded Interest and Simple Interest on Rs. 1000 for 3 years at 10% p.a., if interest is compounded annually.
Rs. 31
Rs. 21
Rs. 30
Rs.15
Explanation:
Difference between Compound Interest and Simple Interest for 3 years
= Pr2r2 (3 + r) =
Rs. 1000 x 110110 x 110110 x (3+110)(3+110) = Rs. 31
Difference between Compound Interest and Simple Interest for 3 years
= Pr2r2 (3 + r) =
Rs. 1000 x 110110 x 110110 x (3+110)(3+110) = Rs. 31