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Hint: We will first start by using the fact that simple interest on a principal P at a rate R for time T is $\dfrac{P\times R\times T}{100}$ whereas the compound interest on a principal P at a rate R for time T is $P{{\left( 1+\dfrac{R}{100} \right)}^{T}}-P$. Then we will find its difference to find the answer.Complete step-by-step solution - Note: It is important to note that we have used a fact that for finding SI on a principal amount P at a rate R for a period of T is $\dfrac{P\times R\times T}{100}$ and for compound interest for the same, conditions is $P{{\left( 1+\dfrac{R}{100} \right)}^{T}}-P$. Also, it is important to remember that compound interest is always greater than simple interest.
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What will be the difference between simple interest and compound interest @10?What is the main difference between simple interest and compound interest? Simple interest is computed on the principal amount or loan amount whereas compound interest is computed based on the principal amount as well as the interest accumulated for a certain period or previous period.
What is the compound interest on Rupees 1000 at 10% per annum for 2 years?Detailed Solution
∴ The Interest Amount will be Rs. 210.
How much is the compound interest on Rs 1000 at 10% interest in 3 years?Hence the required compound interest is ₹30.301.
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