Find the difference between compund interest and simple interest for 2 years on a sum of Rs. 11000 at a rate of 11% per annum.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Rs. 133.1.
Given:
Time = 2 years
Principal = 11000
Rate = 11%
Formula used:
Difference = PR2/1002
Calculations:
According to the question;
⇒ Difference = [11000 × 112]/10000
⇒ 133.1