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What is the difference in simple interest and compound interest on 115000 for 2 years at 6% p.a compounded annually. |
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Answer» Principal (P) = ₹ 15,000 Time period (n) = 2 yrs. Rate of interest (r) = 6% p.a compounded annually Difference between CI and SI given by CI – SI = P (r/100)n = 15000 (6/100)2 = 15000 x 6/100 x 6/100 = ₹ 54 |
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