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- Sir, I had invested Rs.1,00,000 with 10% interest for 2 years at your bank and also in ABC Bank.
- XYZ Bank
- XYZ Bank
- Hi sir, good morning. Welcome to XYZ Bank. How can I help you?
- Although I had invested the same amount of money in both the banks, the amount accumulated is more in ABC Bank than this bank. May I know the reason for this?
- XYZ Bank
- XYZ Bank
- Ok sir. What’s the issue?
- Sure. My account number is 234342672 and here are my investment details.
- XYZ Bank
- XYZ Bank
- Ok sir, let me look into this. Kindly lend your account number and investment details.
- In compound interest, the principal changes year after year and the interest is calculated based on the previous year’s total amount. But the principal and the interest remains the same under simple Interest.
- (After verifying the customer's details) Sir, you invested your money in ABC Bank under compound interest and here under simple interest.
- What is the difference between compound interest and simple interest?
- Oh! Is it so?
- Let me explain in detail through this calculation.
- The compound interest is calculated using P[ 1+ R/100 ]n1.00,000[1+ 10/100]2 = Rs. 1,21,000Simple Interest is calculated using PTR/100SI= 1,00,000 x 2 x10/100=20,000Amount = SI+P = 1,20,000
- Oh okay. Thank you for explaining.
- Due to this reason, the amount accumulated is more in ABC Bank than our bank.
- We are happy to help. Please visit again.
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