find difference between compound interest and simple interest on a sum of ₹ 12000 at rate of 12% pa for 2 years
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Simple interest:
12000*12*2/100
=2880
Compound interest:
For 1st year,
12000*12*1/100
=240
For 2nd year,
12000+240=12240
12240*12*1/100
=1468.8
Difference =si - ci
=2880-1468.8
=1411.2
12000*12*2/100
=2880
Compound interest:
For 1st year,
12000*12*1/100
=240
For 2nd year,
12000+240=12240
12240*12*1/100
=1468.8
Difference =si - ci
=2880-1468.8
=1411.2
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