The difference between the compound interest and the simple interest on Rs 28,000 for 2 years is Rs 70 at the same rate of interest p.a. 1) What is the rate of interest? 2) Calculate the interest in the second year under compound interest.
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Answer:
GIVEN:
P=28000,
Time = 2 years,
Difference = 70.
Let the rate of interest be R%. ⇒ R = 5. ... Therefore, Compound Interest for the 2nd year
= 1470.23-Apr-2020
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