The difference between the compound interest (compounded annually) and the simple interest if ₹21400 is deposited at 5% rate of interest per annum for 2 years is:
₹53.50
For 2 years the difference between compound and simple interest at rate r is P × (r/100)2.
Difference = 21,400 × (5/100)2 = 21,400 × 25/10,000 = 21,400 × 0.0025 = ₹53.50.
Hence, the answer is ₹53.50.
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Important Questions from Simple and Compound Both
- The difference between the interest earned on the same amount invested under compound interest and simple interest at same rate of interest for 2 years is Rs.470. If the rate of interest is 10% p.a. then find the amount invested? (In Rs.)
- Suresh lent a sum of money on compound interest in such a way that it amounted to three times in 4 years. For how much time should he invest his money so that he gets back an amount which is 9 times of the sum of money lent by him?
The compound interest on a certain sum for 3 years at 8% per annum is Rs. 1,94,784. What is the simple interest on the $\frac{9}{10}$ part of the sum for the same time but at a rate of interest per annum which is $1\frac{1}{2}$ time the rate of interest per annum as applicable for compound interest?
- There is 60% increase in an amount in 4 years at simple interest. What will be the compound interest on Rs.49500 after 2 years at the same rate of interest? (In Rs.)
- The difference between the interest earned on the same amount invested under compound interest and simple interest at same rate of interest for 2 years is Rs.205. If the rate of interest is 5% p.a. then find the amount invested? (In Rs.)
