Mathematics · Simple and Compound Interest
What is the difference in the amount of interest earned by a person who invests Rs 5,000 for two years under two alternate schemes: Scheme 1 offers 15% annual interest on a simple interest basis, and Scheme 2 offers 14% annual interest compounded annually?
- 1Rs 8
- 2Rs 5
- 3Rs 2✓
- 4Rs 10
Correct answer
Rs 2
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