Difference between CI and SI of Three Years question :
Example 1: Find the approximate difference in the simple interest and the compound interest on an amount of Rs. 2800/- @ 12 p.c.p.a at the end of three years ?
Answer : Formula this type of problem is when given three years.
CI – SI = P(R / 100)2 x (300 + R / 100)
2800 x (12)2 x (300 + 12) / 100 x 100 x 100
= Rs. 126
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