## Find the difference between the compound interest and the simple interest on rs30000 at 7% per annum 3 years

Question

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## Answers ( )

Answer:Compound Interest

Amount = P(1+r/100)^t

= 30000(1+7/100)^3

= 36,751.29

Then,

Compound interest= Amount-Principal

= 6751.29

Simple Interest

Simple interest = prt/100

= 30000*7*3/100

= 6300

Then,Difference between the compound interest and the simple interest= 6751.29-6300

= 451.29