Meera borrowed ₹25,000 from a bank at 8% per annum simple interest. On the same day, she lent the whole amount to her cousin at 8% per annum compound interest, compounded annually. How much does Meera gain (in ₹) at the end of 2 years?

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NumericalDifference Between Simple and Compound Interest

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The difference between the compound interest (compounded annually) and the simple interest on ₹5,000 for 2 years at 8% per annum is

MCQ (Single)Difference Between Simple and Compound Interest

Assertion (A): For the first year, the compound interest (compounded annually) and the simple interest on the same sum at the same rate are equal. Reason (R): In the first year, both interests are calculated on the original principal.

Assertion-ReasonDifference Between Simple and Compound Interest