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Question
Find the difference between the compound interest and the simple interest in 3 years on Rs 15,000 at 8% p.a. compounded yearly.
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Solution
Here, P=Rs 15,000 ; r=8 % ; t=3 years
For simple interest :
S.I. = `("P" xx "r" xx "t")/100`
S.I. = Rs `(15000 xx 8 xx 3)/100`
S.I. = Rs 3600
For compound interest:
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 15000 `(1 + 8/100) ^3`
A = Rs `15000 xx 108/100 xx 108/100 xx 108/100`
A = Rs 18895.68
C.l. = A - P
C.l. = Rs (18,895.68 - 15,000)
C.l. = Rs3, 895.68
The difference in the compound interest and the simple interest =Rs (3,895.683.600) = Rs 295.68
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