Find the difference between the compound interest and simple interest on 8.000 at 5% rate of interest for three years.
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5
Answer:
61
Step-by-step explanation:
CI=p[(1+r/100)^n-1]
=8000[(1+5/100)^3-1]
=8000[(21/20)^3]
=8000(9261-8000/8000)
=8000 x 1261/8000
=1261
Now,
SI=p x r x t/100
=8000 x5 x3/100
=1200
Therefore, CI-SI=1261-1200=61.
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