Find the difference between the simple interest and compound interest on Rs 5000 at 4% per annum for 3 years.
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Answer:
S.I=
100
P×R×n
=
100
5000×10×3
=1500
C.I=P(1+
100
R
)
n
−P=5000[(1+
100
10
)
3
−1]=1655
∴C.I−S.I=1655−1500=155
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