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Question
Meera borrowed Rs 35,000 at 12.5% p.a. simple interest for 3 years. She immediately gave it to Archana at 12 % p.a. compound interest compounded annually. Find Meera's loss or gain at the end of 3 years.
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Solution
Here, P = Rs 35,000 ; t = 3 years
For simple interest: r=12.5 %
S.I. =`("P" xx "r" xx "t")/100`
S.I. = Rs `(35000 xx 12.5 xx 3)/100`
S.I. = Rs 13,125
For compound interest : r =12 %
`"A" = "P" (1 + "r"/100)^"n"`
`"A" = "Rs" 35000 xx 112/100 xx 112/100 xx 112/100`
A = Rs 49172.48
C.I. = A - P
C.I. = Rs (49,172.48 - 35,000)
C.I. = Rs 14, 172.48
The difference in the compound interest and the simple interest= Rs( 14, 172.4813, 125) = Rs 1,047 .48
Meera gained Rs 1,047.48
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