The simple interest on a certain sum for 3 years is R1080 and the compound interest on the same sum at the same rate for 2 years is Rs.741.60. Find(i)the rate of interest (ii) the principal.
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Rate of interest is 6%
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Answer:
Step-by-step explanation:
S.I= 1st year 360
2nd year 360
3rd year 360
CI= 1st year 360
2nd year381.6
Difference=21.6
21.6/360×100=6%
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