find the compound interest on a loan of Rs. 1000 at 10percent per annum for 3 year compounded yearly . Also calculate simple interest Find the difference between two kinds of interest charged .
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P=1000
R=10percent p.a.
T=3years
Amount =P*(1+R/100)n
Amount after 3 years = 1000*(1+10/100)³
=1000*(11/10)³
=1000*(11/10*11/10*11/10)
=11*11*11
=1331
Thus, amount after 3years = 1331
And compound interest = (1331-1000)
=331
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