Question

Find the difference between the compound interest and the simple interest on rs 30000 at 7% per annum for three years .

please answer very fast.

This question answer is 451.29.

Answer 1

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.

Answer 2

rate%=7%p.a.
time=n=3 years
principal=30000
SI=P×R×T/100
30000×7×3/100
=6300
A=P(1+R/100)^n
=30000(1+7/100)^3
=30000(107/100)^3
=30000(1225043/1000000)
=30000×1225043/1000000
=36751.29
C.I.=A-P
=36751.29-30000
=6751.29
difference=6751.29-6300
=451.29