find the difference between simple interest and compound interest on Rs.2400at 2 years at 5% Per annum compounded annually
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Step-by-step explanation:
Answer
SI =
100
P×R×T
SI =
100
2400×2×5
=240
Compound interest:
Interest for first year =
100
2400×5×1
=120
Amount after first year =2400+120=2520
Interest for second year =
100
2520×5×1
=126
Amount after first year =2520+126=2646
Hence compound interest =2646−2400=246
Difference between CI and SI =246−240=6
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