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Question
What is the difference between the compound interest and simple interest accrued on an amount of ₹12000 at the end of 3 years at the rate of 12%?
Options
₹539.136
₹602.242
₹495.248
₹488.322
MCQ
Solution
₹539.136
Explanation :
We have, P = ₹12000, r = 12% and t = 3 yr
∴ Required difference = `(Pr^2(300+r))/(100)^3`
= `(12000xx12xx12xx312)/(100xx100xx100)=₹539.136`
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Simple and Compound Interest (Entrance Exam)
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