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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