Question
Mohan invests ₹8,000 each in two different schemes, 'A' and 'B', for a duration of 2 years. Scheme 'A' provides compound interest at an annual rate of 16% (compounded yearly), while Scheme 'B' offers simple interest at the same annual rate of 16%. Calculate the difference in the total interest earned from Scheme 'A' compared to Scheme 'B'.
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