Simple interest on a certain some of money at 10% for 3 years is Rs. 4200. If the same money were invested at 5% compound interest for the same time, what compound interest would it be?
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Answer:
sol:
given:
time=3years
rate=20%
formula used:
compound interest=principal(1+rate/100)
simple interest=(principal*rate*time) /100
calculation:
4368=principal((1+20/100) *3-1)
----4368=principal((6/5) *3-1)
----4368=principal(91/125)
----principal=48*125=6000
simple interest=(6000*20*3) /100=3600
THEREFORE, SIMPLE INTEREST IS 3600
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