Find the interest on ₹ 400/- at 5% per annum for 4 years.
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Answer:
P=400,r=5,n=2,t=2
SI= 400×5×2/100
=40
CI=A−P
A=P(1+ r/100 ) ^n
=400(1+ 5/100)^2
=400× 441/400
CI=441−400=41
∴CI−SI=41−40=1
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