Question

If the simple interest on a sum of money for 3 years at 8% per annum is ₹ 7500, find the compound interest on the same sum, for the same period at the same rate. And try to do as much questions as you can

Answer 1

Answer:

Rs. 4869.6

Step-by-step explanation:

SI= P* R* T/ 100

7500 = P* 8* 3 /100

P= 7500 *25/ 6

P= RS.1875

CI= P[(1+r/100)^n - 1]

= 18750 [(1+8/100)^3 - 1]

= 18750 [ (27/25)^3 - 1]

= 18750 [ 19683 / 15625 - 1]

= 18750 * 4058/ 15625

= 24348 / 5

= Rs. 4869.6

✌ Hope it's helpful for you ✌

Answer 2

Step-by-step explanation:

Let principal = P

Time = 3 years

Rate = 8%

Simple interest = ₹7500

=> Principal = (interest × 100) / (rate × time)

= P = (7500 × 100) / (8 × 3)

= P = ₹31250

Now

Compound interest =

Principal × (1 + rate% / 100)^time - Principal

= 31250 × (1 + 8/100)^3 - 31250

= 31250 × {(100 + 8)/100}^3 - 31250

= 31250 × 108/100 × 108/100 × 108/100 - 31250

= 39366 - 31250

= ₹ 8116

& amount received on compound interest = ₹39366

& amount received on simple interest = 31250 + 7500 = ₹38750