find the difference between CI and SI on 15,000 rs at 12 per cent for 3 years (compounded annually)
Answers
Question:-
Find the difference between Compound interest and Simple interest on ₹ 15,000 at 12% p.a for 3 years ( compounded annually ).
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Given:-
- Principal= ₹ 15,000
- Rate= 12%
- Time= 5 years
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To find:-
⟼ Difference between CI and SI
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Solution:-
⟼ Simple interest:- PRT÷100
15000×12×3÷100
₹5400
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⟼ Finding Compound interest now:-
Let's find amount of 1st, 2nd and 3rd year.
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During 1st year :-
⟼ Amount= Principal (1+RT)÷100
15000(1+12×1)÷100
15000×(100+12)÷100
15000×112÷100
₹ 16,800
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During 2nd year :-
⟼ Amount= Principal (1+RT)÷100
16800×112÷100
₹18,816
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During 3rd year :-
⟼ Amount= Principal (1+RT)÷100
18816×112÷100
₹21,073.92
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Compound interest :- Amount-Principal
21,073.92-15000
⟼ ₹ 6073.82
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Difference between Compound interest and Simple interest = 6073.92-5400
₹ 673.92
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Answer:
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Step-by-step explanation:
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