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Find the difference between the amount of Compound interest and simple interest on a principal amount of Rs 8,000 /- at an annual interest rate of 10 % after 2 years.

Text Solution

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Compound interest
`A=P(1+R/100)^n`
`=8000(1+10/100)^2`
=9680
Simple innterest
`A=P+(P*R*T)/100`
`A=8000+(8000*10*2).100`
`A=9600`
...
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