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Question
Find the difference between compound interest and simple interest on Rs.12,000 and in `1 1/2` years at 10% compounded yearly.
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Solution
Given: P = Rs. 12,000
n = `1 1/2` years
r = 10%
Formula: S.I. = `[ P xx R xx T ]/100`
= `[ 12,000 xx 10 xx 3/2 ]/100`
= Rs. 1,800
To Calculate C.I. annually
P = Rs. 12,000
n = 1 year
r = 10%
A = `P( 1 + r/100)^n (1 + r/200)^(1/2xx2)`
= `12,000( 1 + 10/100 ) (1 + 10/200)`
= `12000 xx 11/10 xx 21/20`
= 660 × 21
= Rs. 13,860
C.I = 13860 − 12000
= 1860
So Difference between C.I
= C.I − S.I
= 1860 − 1800
= ₹ 60
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