Question

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Answer 1

Answer:

288

Step-by-step explanation:

It is given that,

Harpreet borrowed 20000 from her friend at 12% per annum simple interest.She lend it to alam at the same rate but compounded annually

To find amount on simple interest

I = (PNR)/100

P= 20000

R = 12%

N = 2 years

I = (PNR)/100 = (20000 x 2 x12) 100 = 4800

Total amount = 20000 + 4800 =24800

To find amount on compound interest

Amount A = P[1 + R/100]^N

A = 2000[1 + 12/100]^2 = 25088

The gain = 25088 - 24800 = 288

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