find the difference between simple intrest and compound intrest on 2400 at 2 years at 5 % per annum compounded annually
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principal=2400
Time=2 years
Rate of interest=5%
S.I=?
S.I=P×T×R/100
S.I= 2400×2×5/100
S.I=240
AMOUNT= ?
AMOUNT=P+S.I
AMOUNT=2400+240
AMOUNT=2640
Time=2 years
Rate of interest=5%
S.I=?
S.I=P×T×R/100
S.I= 2400×2×5/100
S.I=240
AMOUNT= ?
AMOUNT=P+S.I
AMOUNT=2400+240
AMOUNT=2640
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