Simple Interest=3867.50 6 1/2 years Principal=8500 find the rate
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Given
P=Rs.8500,R=6%,n=2 yrs
We know that amount A at the end of n years at the rate R % per annum when the interest is compounded annually is
A=P(1+100R)n
=8500(1+1006)2
=8500(100106)2=10085×1062=0.85×1062
=Rs. 9550.6
Also CI=A−P=9550.6−8500.0=Rs1050.6
We know that SI=100PRT
=1008500×6×2=Rs1020
∴ Difference between CI and SI
CI−SI=9550.6−1020.0=Rs.8530.6
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