Question

pease answer the question ......... __________________________....,........,.......,...........................................•thedifference between compound interest and simple interest on a certain sum of money at 8% per annum compounded annually for 3 years is ₹308 find the sum

Answer 1

Difference in interest = Difference in amount

amount (CI) - Amount (SI) = 308

P(1+8/100)^3 - (P + P×8×3/ 100) =308

P(27/25)^3 - (124P/100) =308

(19683P/15625) - (31P/25) =308

19683P - 19375P)/15625 = 308

308 P/ 15625 =308

P= 15625
so Sum is
$15625$