Find the difference between compound interest and simple interest for rupees 8000 for 3 years at the rate of 10 percent per annum
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Step-by-step explanation:
Simple interest =(8000×3 ×10 ) ÷100 = 2400
Compound interest =8000(1+10/100)^3-8000 =2648
Different between compound and simple interest = (2648 - 2400) = 248
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