Question

find the difference between the simple interest and compound interest on rs 8000 for 3 years at 8 per annum​

Answer 1

Answer:

157.696

Step-by-step explanation:

we have formula for a calculate difference between simple and compound interest for 3 year is

Difference = 3 x P(R)²/(100)² + P (R/100)³

= 3×8000×(8)²/100² + 8000(8/100)³

=157.696

Answer 2

Answer:

Step-by-step explanation:

Given the difference between Compound interest and simple interest is 8,000

Time = 3 yrs

Rate of interest = 8%

$p[(1+i)^n-1] p * i * t = 8,000$

$p[(1+0.08)^3-1] p * 0.08 * 3 = 8,000$

$p[(1.08)^3-1] - p(0.24) = 8,000$

$p(0.259712) - p(0.24) = 8,000$

$(0.019712)p = 8,000$

$p = 4,05,845$

Thus the sum is 4,05,845