find the difference between the simple interest and compound interest on Rs 24000 for 2 Years at 6% per annum.
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To find the difference between the compound interest for 2 years and simple interest for two years, it is simple.
Given Interest = 6%. Principal = Rs 24,000. Duration = 2 years.
Difference = the interest on the amount of simple interest for one year
Simple Interest for 1 year = Rs 24, 000 * 6/100 * 1 = Rs 1, 440.
Simple interest on Rs 1,440 for 1 year = Rs 1, 440 * 6/100 * 1
= Rs 86.40
answer
Given Interest = 6%. Principal = Rs 24,000. Duration = 2 years.
Difference = the interest on the amount of simple interest for one year
Simple Interest for 1 year = Rs 24, 000 * 6/100 * 1 = Rs 1, 440.
Simple interest on Rs 1,440 for 1 year = Rs 1, 440 * 6/100 * 1
= Rs 86.40
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