find out the difference between compound interest and simple interest if P=20000 R =10.5 p.c.p.a. N=2
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Answer:
220.5
Step-by-step explanation:
Simple interest = {(20000/100) × 10.5}×2 = 2100×2 = 4200
Compound interest = {(20000/100) × 10.5} + {(22100/100) × 10.5} = 2100 + 2320.5 = 4420.5
Difference between them = 4420.5 - 4200 = 220.5
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