What is the amount on Rs 2000 for 3 years at 10% per annum
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Answer:
SI = Rs 600
CI = Rs 662
Difference = Rs 61
Step-by-step explanation:
Simple Interest = Principle * Rate of interest * time /100
Simple Interest for 3 Years = 2000 * 10 * 3 /100 = Rs 600
Compound Interest = P(1+10/100n)*nt-P
Compound Interest = 2000 ( 1 + 10/100)^32000(1+10/100)
3
- 2000
Compound Interest = 2000 ( 1 + 0.1)^32000(1+0.1)
3
- 2000
Compound Interest = 2000 ( 1.1)^32000(1.1)
3
- 2000
Compound Interest = 2000 * 1.331 - 2000
Compound Interest = 2000 (1.331 - 1)
Compound Interest = 2000 (0.331)
Compound Interest = 662
Difference between compound & Simple interest
= 662 -600
= 62 Rs
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