Question

Find the compound interest on rs 30000 at 6% p.a for 3 years what is the differences between simple interest and compound interest On the some?

Answer 1

Answer:

330.48

Step-by-step explanation:

Compound Interest:

P=30000

R%=6%

n/T= 3yrs

A=P(1+R/100)^n

A=30000(1+6/100)^3

A= 30000(106/100)^3                  because, lcm=100

A=30000(106/100)(106/100)(106/100)

A=3 x 106^3/100                              cancelling the zero

A= 3 x 1191016/100

A= 35730.48

Simple Interest:

SI= (P x R x T)/100

SI= (30000 x 6 x 3)/100

SI= 300 x 6 x 3

SI= 1800 x 3

SI= 5400

A= SI+P

A=5400+30000

A=35400

Comparing the Simple interest and compound interest:

35730.48 - 35400 =

330.48