annually. 8. The difference between simple interest and compound interest for a certain sum of money at 8% p.a for 1- years, when interest is compounded half yearly is * 228. Find the sum.
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Answer:
Let the principal be Rs 'P'
Time = 1 1/2 year = 3/2 years
Rate of interest = 8 %
(i)
Simple interest = (P x T x R) / 100
= (P x 3 x 8) / (2 x 100)
= 3P / 25
(ii)
Amount at the rate of compound interest = P(1 + r/100)n
= P(1 + 8/100)3
= P(27/25)3
= 19058P / 15625
Compound Interest = (19058P / 15625) - P
= 3433 P / 15625
Difference between the compound and simple interests = Rs 228
(3433 P / 15625) - (3P / 25) = 228
(3433 P / 15625) - (1875P / 15625) = 228
(1558 P / 15625) = 228
P = 2286.56
Therefore, the sum lent is Rs 2286.56
Step-by-step explanation:
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