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Question 137
The difference between the compound interest and simple interest for the amount Rs. 5,000 in 2 years is Rs.32. The rate of interest is
Solution
Difference between compound interest and simple interest for 2 years will beÂ
= $$(P((1+\frac{r}{100})^2) - P) - 2P \frac{r}{100} = 32$$ (where P is principal amount 5000 and r is rate )
after solving above equation we will get r = 8%
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