Find the compound interest at the rate of 5% per anum for 3 years on that principal which in 3 years at the rate of 5% per anum gives Rs.1,200 as the simple interest.
Please give me the solution of this with step by step explaination.
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Answer:
Step-by-step explanation:
first find principal by simple interest
SI = (P X R X T)/100
1200=(PX 5 X 3) /100
P=(1200 X 100)/5X 3
P=8000
IN COMPOUND INTEREST
CI=P (1+R/100)power n - P
ci = 8000 x 21/20 x021/20 x 21 / 20 - 8000
= 21 x 21 x 21 x 21 -8000
= 9241-8000
= 1241 = CI
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