Question

Please answer fast :the difference between compound interest and simple interest is ₹2296.35 on certain principal at 15%per annum for 3years.Find the principal. Can u answer with steps please.

Answer 1

simple interest let be si
compound interest let be ci
principle let be p
rate of interest let be r
year let be t & n

si=p*15*3/100
   =9p/20
 
 ci =p(1+15/100)³ - p
     =(p*115/100*115/100*115/100) - p
     =(12167p/8000)- p [ ∵115/100=23/20 ]
     =12167p-8000p/8000
     =4167p/8000

 so,
      4167p/8000 - 9p/20 = 2296.35
  or,416700p - 36p/80 = 2296.35
  or,416664p/80 = 2296.35
  or,416664p = 2296.35*80
  or, p = 2296.35*80/416664
          =567/1286 = 0.43 [approx ]