"QUESTION 2 Find the compound interest at the rate of 5%per annum for 3years on that principal which in 3years at the rate of 5%per annum gives $1200 as simple interest
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It is given that..
S.I.=(P * R * T)/100
1200= P * 5 * 3 /100
1200*100= 15P
120000/15 = P
8000 = P
Therefore, Principal= $8000
Now, A=P(1+r/100)^n {A is amount, R is rate , P is principal and N is time(No. of years)}
A= 8000(1+(5/100)^3
A= 8000(1+1/20)^3
Taking LCM of 1,20 gives 20..
A= $(8000 × 21/20 × 21/20 × 21/20)
A= $ 9261
C.I. = Amount - Principal
C.I.= $9261-8000
C.I.= $1261 (answer)
S.I.=(P * R * T)/100
1200= P * 5 * 3 /100
1200*100= 15P
120000/15 = P
8000 = P
Therefore, Principal= $8000
Now, A=P(1+r/100)^n {A is amount, R is rate , P is principal and N is time(No. of years)}
A= 8000(1+(5/100)^3
A= 8000(1+1/20)^3
Taking LCM of 1,20 gives 20..
A= $(8000 × 21/20 × 21/20 × 21/20)
A= $ 9261
C.I. = Amount - Principal
C.I.= $9261-8000
C.I.= $1261 (answer)
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