Manoj took a loan of 24,000 from a financer at 15% annum simple interest. He lent it to Mukesh at the same rate of compound interest. Find his gain after 3 years.
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Step-by-step explanation:
s.i.=p*r*t/100
=24000*15*3/100
=10800
c.i.
1st yr--- 3600
2nd yr---3600+540
3rd yr----3600+540+540+81
c.i.=10800+1620+81
=12501
his gain after 3yrs,
c.i. -s.i. = 12501 - 10800 = 1701
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