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Question
What will be the difference in simple and compound interest on Rs. 2, 000 after three years at the rate of 10 percent per annum?
Options
Rs. 60
Rs. 42
Rs. 62
Rs. 40
MCQ
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Solution
Rs. 62
Explanation:
`"CI" − "SI"="P"(1+"R"/100)^3-"P"-"PRT"/100`
`=2000(1+10/100)^3 - 2000 - (2000xx3xx10)/100`
= 2662 − 2000 − 600 = ₹ 62
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Simple and Compound Interest (Entrance Exam)
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