Selina Solutions Class 9 Mathematics Solutions for Exercise 2(B) in Chapter 2 - Chapter 2- Compound Interest [Without Using Formula

Question 1 Exercise 2(B)

Calculate the difference between the simple interest and the compound interest on ₹ 4,000 in 2 years at 8% per annum compounded yearly.

For 1st year

P = Rs. 4000

R = 8

T = 1 year

I=\frac{4000 \times 8 \times 1}{100}=320

A = 4000 + 320 = Rs. 4320

For 2nd year

P = Rs. 4320

R=8%

T = 1 year

I=\frac{4320 \times 8 \times 1}{100}=R s .345 .60

A = 4320 + 345.60 = 4665.60

Compound interest = Rs. 4665.60 - Rs. 4000

= Rs. 665.60

Simple interest for 2 years = \frac{4000 \times 8 \times 2}{100}

= Rs. 640

Difference of CI and SI = 665.60 - 640

= Rs 25.60

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