find the difference between the simple interest and compound interest on 30000 at 7% per annum for 3 years
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Answer:
Given:
principal ( p) = 30000
Rate of interest ( R) = 7%
Time = 3 years
To find :
the difference between the simple interest and compound interest
compound interest ( C. I ) = P ( 1 + R/100 )^n - P
= 30000 ( 1 + 7/100 )^3 -
30000
= 36751.29 - 30000
= 6751.29
simple interest ( S. I ) = P x R x T/100
= 30000 x 7 x 3/100
= 6300
the difference between the compound interest and simple interest = 6751.29 - 6300
= 451.29
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