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at what rate of interest would compound interest on a sum in
two years be 20% more than the corresponding simple interest?
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Answer Posted / susovan
let assume total sum = 100
if it is simple interest then after 2 years it will be
100 + (2*20) [as the interest is 20%] = 140
now for compound interest(20%)---
1st year, 100 + 20 = 120
2nd year, 120 + 120*20/100 = 144
so the difference is (144 - 140) = 4
so the interest will be 4/100 = .04% extra from somple interest in 2 years.
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