Find the difference between the compound interest (compounded annually) and simple
interest on Rs 12000 at 15% per annum for 3 years.
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Answer:
SI= 12000*15*3/100
=5400
CI =12000(1+15/100) ³
CI=12000(23/20) 3
CI=12000*23/20*23/20*23/20
CI=6083.5
CI-SI=6083.5-5400
=683.5
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