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.
Solve this on paper.i will mark brainiest.

Answer 1

Given,

SI = Rs 7500

R = 8%

T = 3 years

CI = ?

We know that

$p = 100 \times si \div t \times r$

p = 18750

Again, we know that

$a = p + si$

A = 18750 + 7500

= 26250

Compound interest = 26250 - 18750

= 7500