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Compound Interest — MATHEMATICS STD 9 — Question

ICSE BoardEnglish MediumSTD 9MATHEMATICSCompound Interest5 Marks
Question
Find the difference between the compound interest and simple interest on $Rs. 20,000$ at $12\%$ per annum for $3$ years, the compound interest being payable annually.
✓

Answer

Case $1:$
Here $P_1= Rs. 20000$ and $r=12 \%$
So, Amount after $1$ year
$=P\left(1+\frac{r}{100}\right) $
$=20000\left(1+\frac{12}{100}\right) $
$=20000 \times \frac{112}{100} $
$=22400$
Thus, $P_2= Rs. 22400$ and $r=12 \%$
Amount after $2$ year
$=P\left(1+\frac{r}{10}\right) $
$=22400\left(1+\frac{12}{100}\right) $
$=22400 \times \frac{112}{100} $
$=25088$
Thus, $P_3= Rs. 25088$ and $r=12 \%$
Amount after $3$ year
$= P \left(1+\frac{ r }{100}\right) $
$=25088\left(1+\frac{12}{100}\right) $
$=25088 \times \frac{112}{100} $
$=28098.56$
Hence, Amount $= Rs. 28098.56$
Also, $C.I.$
$= A - P$
$=\text { Rs. } 28098.56-R s .20000 $
$=\text { Rs. } 8098.56$
Case $II :$
Simple interest $=\frac{20000 \times 12 \times 3}{100} $
$=7200$
Difference bertween $C.I.$ and $S.I.$
$=R s .8098 .56-R s .7200 $
$=R s .898 .56 .$

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