compound interest and simple interest
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Hence rate of interest = 100 X 2/25 = 8%. Example 3:The difference between Compound Interest and Simple Interest on a certain sum of money at 10 % per annum for 3 years is Rs. 930. Find the principal if it is known that the interest is compounded annually.
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Answer:
Hence rate of interest = 100 X 2/25 = 8%. Example 3:The difference between Compound Interest and Simple Interest on a certain sum of money at 10 % per annum for 3 years is Rs. 930. Find the principal if it is known that the interest is compounded annually.
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