Calculate the difference between compound interest and simple interest on rs 12000 for 2 years at 7•5 per cent per annum
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Answer:
Step-by-step explanation:
C.I = P [ (1+R/100)^n - 1]
=>12000 [ (1+7.5/100)^2 - 1]
=>12000 [ 0.155625 ]
=>1867.5
S.I = P×R×T/100
=> 12000×7.5×2/100
=>1800
C.I - S.I = 1867.5 - 1800
=> 67.5
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