the compound interest on a certain sum for 2 years at 8% p.a. compounded annually is rupees 312. find the simple interest for the same time at the same rate
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Let P=100, Time (n)=3 years, Rate (r)=8%
Amount =P(1+
100
r
)
3
=100(1+
100
8
)
3
=100×1.08×1.08×1.08
=126
CI =A−P=126−100=26
Now, Simple Interest =
100
PTR
=
100
(100×3×8)
=24
Difference =26−24=2
CI more than SI =
24
(2×100)
=8.33%
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