Question

find the difference between the compound interesr and simple interest on a sum of $16,000 for 3 years if the rate of interest is 2% per annum
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Answer 1

Answer:

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Step-by-step explanation:

Given,

SI=100PRT=10016000)(2)(3)=960

CI=P[1+100R]T−P

=16000[(1+1002)3−1]

=16000[(1.02)3−1]

=16000[0.061208]=979.328

Difference=CI−SI=19.328 Rs.