compound interest on a certain sum of money at 5% per annum for 2 years is rs.246. Calculate simple interest on the same sum for 3 years at 6% per annum.
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Hey there!
Formula - p ( 1 + r/100 )^t
=> p ( 1 + 5/100 )² - p = 246
=> p ( 1 + 1/20 )² - p = 246
p ( 21/20 )² - p = 246
p ( 441/400 ) - p = 246
p ( 441/400 - 1 ) = 246
p ( 41/400 ) = 246
p = ( 246 ) ( 400/41 )
p = ( 6 ) ( 400 )
p = 2400 rupees
SIMPLE INTEREST - ( P ) ( R ) ( T ) / 100
= ( 2400 ) ( 5 ) ( 2 ) / 100
= ( 24 ) ( 10 )
= 240 rupees for Simple interest.
Hope my answer helps!
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