Question

Find the deference between

Answer 1

Answer:

$5520

Step-by-step explanation:

Given data

Principal=  $24000

Rate=10%

time= 2 years

Firstly, the compound interest is given as

A=P(1+r)^t

A=24000(1+0.1)^2

A=24000(1.1)^2

A=24000*1.21

A=$29040

The simple interest is given as

A=P(1+rt)

A=24000(1+0.1*2)

A=24000(1.2)^2

A=24000*1.44

A=$34560

Hence the difference is

=34560-29040

=$5520