Question

If the simple interest on the sum of money at 12% per annum for 3 years is rupees 22500, find the compound interest on the same sum for the same period at the same rate.

Answer 1

Given :-

➪ Simple interest (S.I) = ₹22500

➪ Rate of interest (R) = 12% per annum

➪ Time period (n) = 3 years

To find :-

➪ Compound interest (C.I)

Solution :-

➪ S.I = PTR ÷ 100

➪ P = 100 × S.I ÷ R × T

➪ P = 100 × 22500 ÷ 12 × 3

➪ P = ₹62500

➜ We have, P , R and n :-

➪ Amount = P × 1 + R ÷ 100ⁿ

➪ Amount = 62500 × 1 + ¹²⁄₁₀₀³

➪ Amount = 62500 × ²⁸⁄₂₅ × ²⁸⁄₂₅ × ²⁸⁄₂₅

➪ Amount = ₹87808

➜ C.I = Amount - Principal

➜ Compound Interest = ₹87808 - ₹62500

➜ Compound Interest = ₹25308

✯The required compound interest is ₹25308✯

Answer 2

Answer:

P = 100 × S.I ÷ R × T

➪ P = 100 × 22500 ÷ 12 × 3

➪ P = ₹62500

➜ We have, P , R and n :-

➪ Amount = P × 1 + R ÷ 100ⁿ

➪ Amount = 62500 × 1 + ¹²⁄₁₀₀³

➪ Amount = 62500 × ²⁸⁄₂₅ × ²⁸⁄₂₅ × ²⁸⁄₂₅

➪ Amount = ₹87808

Step-by-step explanation: