SOLUTION: Find the difference between the compound interest and simple interest on a sum of $50,000 at 10% p.a for 2 years.

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Question 387297: Find the difference between the compound interest and simple interest on a sum of $50,000 at 10% p.a for 2 years.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
I=50000*0.1*2
I=10000
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A=P(1+0.1)^2
A=50000*1.21
A=60500
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$500 difference, more compounded