find the difference between simple interest and compound interest on rs 2400 for 2 years at 5% per annum compounded annually
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1
Answer:
difference=18.3
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Answered by
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Answer:
principal=2400
time=2years
rate of interest=5%
simple interest=PTR/100
simple interest=2400×2×5/100
=24×2×5
=240
Total amount=2400+240
=2640
compound interest=p(1+R/100)^2
= 2400(1+5/100)^2
=2400(100+5/100) ^2
=2400(105/100) ^2
=2400(21/20) ^2
=2400×21/20×21/20
=6×21×21
=2646
compound interest-simple interest
=2646-2640
=6/-
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