find diffrence between simple intterst & coumpound interest whose principal 16000 and time3 years and rate 2%
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Answer:
principal=16000
rate=2%
time=3 year
simple interest
=p×r×t/100
=16000×2×3/100
=960
amount
=P(1+R÷100)^n
=16000(1+2/100) ^3
=16000(51/50) (51/50) (51/50)
=16979.328≈16979.33
compound interest
=amount - principal
=16979.33 - 16000
=979.33
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