Q. 104.7( 10 Votes )

Find the differen

Answer :

Principle – 2,400

Interest – 5%


Time – 2 years


Compound interest


Amount = 24,000


= 24,00


= 2,646


Compound interest = amount – principle


= 2,646 – 2,400 = 246


Simple interest =


=


= 240


The difference between compound and simple interest = 246 -240


= 6


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