A man invested Rs 16,000 at a simple interest rate of 8% per annum for 2 years. Had he invested the sum at a compound interest rate of 8% per annum for the same period, how much more would
he have earned?
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Step-by-step explanation:
simple interest I =16000×0.08×2= 2560
Fv= 16000+2560= 18560
compound interest = 18560(1+0.08)^2-1= 21647.384
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