Rs 50,ooo is invested for 3 years at the
interest rate of 8% per annum. find
the difference in interest earned in
each year in case of compound interest and simple interest
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Answer:
Principal= 50000
Time= 3years
Rate of interest= 8%
Simple Interest = P×R×T/100
=50000×3×8/100
Simple Interest =12000
Amount= P+SI
=50000+12000
=62000
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