Difference between simple and compound interest (In ₹) on ₹ 7,300 at rate of 6 p.c.p.a. in 2 yea

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6.Interest

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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?

A

$29.37$

B

$26.28$

C

$31.41$

D

$23.22$

Solution

(b) $SI =\frac{p \times r \times t}{2}=\frac{7300 \times 2 \times 6}{100}=876$

$C I=7300\left[\left(1 \frac{6}{100}\right)^{2}-1\right]=7300\left[\left(\frac{53}{50}\right)^{2}-1\right]$

$=7300\left[\frac{2809-2500}{2500}\right]=7300 \times \frac{309}{2500}=902.28$

$\therefore \quad$ Difference $=902.28-876=26.28$

Standard 13

Quantitative Aptitude

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