Question

The difference between the compound Interest and Simple Interest on a certain sum at the same rate of interest for the second year is Rs. 32 and for the third year is Rs. 6656
Find the rate of interest (in %).

Answer 1

Answer:

Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.

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Simple Interest vs. Compound