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Calculate the difference between the compound interest and the simple interest on 7500 in 2 years and at 8% per annum...
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simple interest:
A=P(1+TR/100)
=7500(1+2×8/100)
=7500(116/100)
=75×116
=8700
SI=8700-7500
=1200
compound interest:
A=P(1+R/100)^n
=7500(1+8/100)^2
=7500(108/100)^2
=7500(1.1664)
=8748
difference=8748-1200
=7548/-
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