the difference between the compound interest and simple interest on a sum of ₹100 at 10% per annum for 3 years is ?
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Step-by-step explanation:
First we calculate the simple interest.
SI=(P*R*T)/100
SI= (100*10*3)/100
=30
now we calculate compound interest
.
CI=P(1+R/100)^n
=100(1+10/100)^3
=100(11/10)^3
=100*1331/1000
=133.1
Compound interest = 133.1-100=33.1
Difference between simple interest and compound interest= CI-SI
=33.1-30
=3.1
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