The difference between the compound interest and simple interest on a certain
2
sum of money at 6
% per annum for three years is 46. Find the sum.
3
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5
Answer:
Simple interest is always the same amount since it is a percentage of the principle. The compound interest amount will be different every accrual period since it is a percentage of the principal plus interest earned or accrued to date. The principal remains the same with simple interest.
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