Question

A man invested Rs. 8000 for 3 years at a simple interest rate 8% p.a. Had he invested the same sum for the same period at a compound interest rate 15/2 p.a.how much more would he have received after 3 years?​

Answer 1

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Answer 2

He would have received 18.375 Rs more after 3 years.

A man invested Rs. 8000 for 3 years at a simple interest rate 8% p.a. Had he invested the same sum for the same period at a compound interest rate 15/2 p.a.

How much more would he have received after 3 years.

case 1 : P = 8000, t = 3 years , r = 8 %

so, SI = (P × r × t)/100

= (8000 × 3 × 8)/100

= 1920 Rs.

case 2 : P = 8000, n = 3 years , r' = 15/2 %

A = P(1 + r/100)ⁿ

= 8000(1 + 15/200)³

= 8000 × (43/40)³

= 8000 × (79507/64000)

= 79507/8

= 9938.375 Rs

so, CI = A - P

= 9938.375 - 8000 = 1938.375 Rs

difference the amount gotten by him = CI - SI

= 1938.375 - 1920

= 18.375 Rs

Therefore he would have received 18.375 Rs more after 3 years.