find the difference between the compound interest and simple interest on rupees 30000 at 7% per annum for 3 years
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Answer:
Ci= p{(1+r/100)^n-1}
30000{(1+7/100)^3-1}
30000{(100+7/100)^3-1}
30000{(107/100)^3-1}
30000{1,225,043/1000000-1
30000{1.225043-1}
30000{0.225043}
30000×0.225043
6751.29
Therefore ci = 6751.29
Si= pxrxt/100
30000x7x3/100
=6300
Therefore si =6300
There difference= 6751.29 - 6300=451.29 answer.
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