the difference between simple interest and compound interest on ruppees 6600 for 1 year at the rate of 24% p.a compounded annualy will be. please i need the steps
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SI = 100
2400×2×5 = 240
Compound interest: Interest for first year = 100
2400×5×1 =120
Amount after first year =2400+120=2520
Interest for second year = 100
2520x5×1 = 126
Amount after first year =2520+126=2646
Hence compound interest =2646-2400=246
Difference between CI and SI =246-240=6
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