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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Amount= P(1+R/100)^N
= 32000(1+15/100)^3
=32000(1.15)^3= Rs. 48668
CI= 48668-32000= Rs. 16668
SI= PRT/100
= (32000*15*3)/100
Rs. 14400
Req. Difference= CI-SI
= 16668-14400= Rs.2268
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