Find the compound interest at the rate of 15% for 3 years on Rs 32,000 compounded annually, also find the difference between the compound interest and simple interest.
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Answer:
simple interest =
32000*3*15/100= 14400
Step-by-step explanation:
compound interest =
32000*(1.15)^3 -32000=16668
difference between simple and compound interest= 16668-14400 = 2268
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