The difference in the simple interest and the compound interest on a principal of rupees 1000000in 3 years at 4% per annum is
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Answer:
Rs. 4864
Step-by-step explanation:
Principal= Rs. 1 000 000
Interest rate= 4%
Time= 3 years
Simple interest= Rs. 1000000*0.04*3= Rs. 120000
Compound interest= Rs. 1000000 *(1.04³-1)= Rs. 124864
The difference= Rs. 124864 - Rs. 120000= Rs. 4864
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