Question

If the simple interest on a sum of money for 3 years at 8% per annum is Rs. 7500. Find the

compound interest on the same sum, for the same period at the same rate.​

Answer 1

Answer:

CI = 73044

Step-by-step explanation:Given that SI = 7500

                                                                 R = 8%

                                                                   T = 3 years

so, SI = P*R*T /100

or, P = SI *100/RT

or,  P = 7500*100/8*3

          = 281250

CI = P(1 + R/100 )∧3 - P

     = 281250(1 + 8/100)∧3 - 281250

     = 73044

Answer 2

Let principal = P

Time = 3 years

Rate = 8%

Simple interest = 7500

=> Principal = (interest x 100) / (rate x

time)

= P = (7500 x 100) / (8 × 3) = P = 31250

Now

Compound interest =

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

= 31250 x (1 + 8/100)^3 - 31250

= 31250 x {(100 + 8)/100)^3-31250

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

31250

= 39366 - 31250

= ₹ 8116

& amount received on compound interest

= ₹39366

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