What is the difference between the simple and | vedclass

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Question

(B) The formula for Simple Interest $(SI)$ is $SI = \frac{P 	imes R 	imes T}{100}$.Given $P = 7300$,$R = 6$,$T = 2$.$SI = \frac{7300 	imes 6 	imes

Vedclass · Accepted Answer

$26.28$

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(B) The formula for Simple Interest $(SI)$ is $SI = \frac{P 	imes R 	imes T}{100}$.Given $P = 7300$,$R = 6$,$T = 2$.$SI = \frac{7300 	imes 6 	imes 2}{100} = 73 	imes 12 = 876$.The formula for Compound Interest $(CI)$ is $CI = P \left[ (1 + \frac{R}{100})^T - 1 ight]$.$CI = 7300 \left[ (1 + \frac{6}{100})^2 - 1 ight] = 7300 \left[ (1.06)^2 - 1 ight]$.$CI = 7300 \left[ 1.1236 - 1 ight] = 7300 	imes 0.1236 = 902.28$.The difference between Compound Interest and Simple Interest is $CI - SI = 902.28 - 876 = 26.28$.Therefore,the difference is ₹ $26.28$.

What is the difference between the simple and the compound interest (in ₹) on ₹ $7,300$ at the rate of $6$ $p.c.p.a.$ in $2$ years?

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