Question

15. The difference between compound interest and simple interest on a certain principal at 15% p.a., for 3 years is 283.50. Find the principal.

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Answer 1

Given CI-SI= Rs. 283.50 R=15% n=3 years

Let the sum be Rs.x

We know that :

(A -P) - P*R*T/100 = 283.50

P ( 1+R/100) ^n - P *R*T/100 = 283.50

LET P = x

x ( 1+ 15 /100) ^3 - x * 15 *3 /100 = 283.50

x (1+ 3 /20) ^ 3 - x *9/ 20 = 283.50

x { (23/20) ^3 - 9/20 } = 283.50

x ( 12167 /8000 - 9/20) = 283.50

x ( 12167 - 3600 / 8000) = 283.50

x = 283.50 * 8000/8567