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Q.

Find the difference between simple interest and compound interest on Rs.20000 at 8p.c.p.a


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a

118

b

128

c

138

d

148 

answer is B.

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Detailed Solution

Concept- Simple interest is when it is calculated based on the principal amount, compound interest includes the interest gained in every period along with the principal amount.
The difference of simple interest and compound interest can be calculated by using the below formula:
Question Imaged =  Difference
P =  Principal
R =  Rate
T =  Time period
If the question time period is not given, we will take the time period as 2 years.
Now substituting the values in the equation:
Question Image Difference in SI and CI is Rs.128
Hence, the correct answer is option 2.
 
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