Compound Interest Practice Test 4

Question : 36 of 40

Marks: +1, -0

What will be the difference in simple and compound interests at the rate of 12% p.a. on the sum Rs. 960 after 2 years?

Solution:

Required difference

=960[(1+12/100)^2-1]-{960×12×2}/100

=960[784/625-1]-230.4

=960×159/625-230.4

= 244.224 – 230.4 = Rs. 13.824

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