Question

Question: 1
1 Title: Comparison of simple profit and compound profit in case of Cooperative Society Saving Scheme
In case of simple profits:
1. The capital of the saving scheme, p = 15,000 taka.
2. Period of completion of saving scheme, n = 3 years,
3. The profit-rate of the saving scheme, r = 9%
a) The amount of profit after the fixed term of the saving scheme (3 years), I = what?
b) In simple profit after the specified period of step '2' profit-principal, A = how much?
In case of compound profit:
1. The capital of the saving scheme, p = 15000 taka.
12. Period of completion of saving scheme, n = 3 years.
3. The profit-rate of the saving scheme, r= 9%
a) Compound principal in the First year (mention formula) = How much?
1 b) Compound principal in the second year (mention formula) = How much?
c) Compound principal in the third year (mention formula) = How much?
fd) Compound profit for a fixed period (after 3 years) = How much?
e) Determine the difference between simple profit and compound profit for a fixed period (after 3 years).
f * Which profit method do you think is most-beneficial in the case of a saving scheme of co-operative society?​

Answer 1

Given : P = 15000 , R = 9 %  T= 3 years

To Find :Simple interest and compound  interest using simple interest formula

Which one is better Simple interest or compound  interest

Solution:

SI = P x R x T /100

=> SI = 15000 x 9  x 3 /100  =  4050

SI in 1st Year = 15000 x 9  x 1 /100  =  1350

P = 15000 + 1350 = 16350

SI in 2nd Year = 16350 x 9  x 1 /100  =  1,471.5

P  = 16350 + 1,471.5 = 17,821.5

SI in 3rd Year = 17,821.5 x 9  x 1 /100  =  1,603.94

Total Interest =  1350  +  1471.5 + 1603.94  = 4,425.44

4,425.44 > 4050

Difference  = 375.44

Hence Compound   is better option

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