What is the sum of money on which the difference between simple and compound interest in 2 years is $ 80 at the interest rate of 4% per annum
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Answer:
Solution
SI=
100
P×r×t
⟹80=
100
P×4×2
⟹P=Rs.1,000
CI=P[(1+
100
r
)
n
−1]
CI=1000[(1+
100
4
)
2
−1]=Rs.81.6
Step-by-step explanation:
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