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Sweta

· started a discussion

· 1 Months ago

Formula (Question:607198.0)

Can you please explain the formula used in this solution

Question:

 Rs. 10,000 lends for 2 years

Quantity I -  find the compound interest in 2 years if rate of interest is 20%.

Quantity II - find the simple interest in 2 years if rate of interest is 21%.

Options:
A) Quantity I > Quantity II
B) Quantity I < Quantity II
C) Quantity I ≥ Quantity II
D) Quantity I ≤ Quantity II
E) Quantity I = Quantity II or the relation can’t be determined
Solution:
Quantity I -  C.I. = 1000×44/100 = 440

Qunatity II - S. I. = 1000×42/100 = 420

Knowledge Expert

· commented

· 1 Months ago

For C.I.
P = the principal amount. r = the annual interest rate (decimal) n = the number of times that interest is compounded per unit t. t = the time the money is invested or borrowed for.
For S.I.
We have
SI-P*R*T/100
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