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What is the difference between the amounts obtained by investing $1000 at 8% per annum for 2 years in simple interest and compound interest?

Practice Questions

1 question
Q1
What is the difference between the amounts obtained by investing $1000 at 8% per annum for 2 years in simple interest and compound interest?
  1. $16
  2. $24
  3. $32
  4. $40

Questions & Step-by-step Solutions

1 item
Q
Q: What is the difference between the amounts obtained by investing $1000 at 8% per annum for 2 years in simple interest and compound interest?
Solution: SI = 1000 * 8/100 * 2 = $160. CI = 1000(1 + 0.08)^2 = $1166.4. Difference = $1166.4 - $160 = $24.
Steps: 0

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