Find the principal if the difference between CI and S.I on it at 15% pa for 3 years is
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Principle = 16000 if the difference between CI and S.I on it at 15% pa for 3 years is 1134
Step-by-step explanation:
Let say Principle = P
Rate of interest = R = 15% per annum
time = n = 3 Years
Simple interest = P * R * n/100
SI = P * 15 * 3 /100 = 0.45P
Compound interest = P(1 + R/100)ⁿ - P
CI = P ( 1 + 15/100)³ - P
CI = P (1.15)³ - P
CI = P ( 1.520875 - 1)
CI = 0.520875P
0.520875P - 0.45P = 1134
=> 0.070875P = 1134
=> P = 16000
Principle = 16000
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