ORE EXAMPLES The simple interest on a sum of money for 3 years at 12% per annum is 6750. What will be the compound interest on the same sum at the same rate for the same period, compounded annually? ien СТ 3 0
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According to question,
Simple Interest = 6750
Rate = 12%
Time = 3 years
principal amount = a
Simple Interest = Principal amount × Rate × time / 100
6750 = a × 12 × 3 / 100
6750 × 100 = 36a
675000 / 36 = a
18750 = a
Principal amount = Rs. 18750
Compound Interest = P( 1 + r/100)n - P
= 18750 × (1+12/100)³ - 18750
= 18750 × 112/100 × 112/100 × 112/100 - 18750
= 18750 ×1.12³ - 18750
= 26342.4 - 18750
= Rs. 7592.40
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