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Question 30
What is the difference between the simple and compound interest on Rs.7,300 at the rate of 6 p.c.p.a. in 2 years?
Solution
SI = $$\frac{7300 6 2}{100}$$ = 876
CI = 7300[1 + $$\frac{6}{100}$$]2 - 7300 = 902.28
Difference = Rs26.28
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