Find the difference between compound interest and simple interest on Rs45000 at12%per annum for 3year
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Answer:
Given:
Principal = P = 45000 Rs
Time = T = 3 yrs
n = 3
Rate of Interest = R = 12%
Simple Interest:
SI = P×T×R
100
= 45000×3×12
100
= 16200 Rs
Compound Interest:
CI = P( 1 + R )^3
100
= 45000( 1 + 12 )^3
100
= 63221.76 Rs
Difference:
CI - SI = 63221.76
-16200.00
47021.76 Rs
Hope it helps
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