Find the difference between CI and SI on Rs 15000 for 2 yrs at the rate of 6% p.a. compounded annually.
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Answer:
Given,
principle = 15000
rate = 3 %, Time = 3 year
S.I=
100
15000×3×3
=1350 SI=
100
principle×rate
C.I=principle[(1+
100
rate
)
time
−1]
=15000[(1+
100
3
)
3
−1]
=
1000000
15000
(103
3
−100
3
)
=
1000
15
×92727
=1390.905
C.I−S.I=1390.905−1350
=40.905
≈40.91
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