Find the difference between the compound interest and simple interest on a sum of $16000 for 3 year if the rate of interest is 2% per annum
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- The difference between the compound interest and the simple interest for 3 years.
CI - SI = P [(r/100)³ + 3(r/100)²]
= $ 16000 [ (2/100)³ + 3(2/100)²]
= $16000 [ 1/125000 + 3/2500]
= $ 16000 x 151/125000
= $ 19.328
Thank u.
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