simple interest on a certain sum of money for 4 years at 4% per annum exceeds the compound interest on the same sum for 3 years at 5% per annum by 228 find the sum
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Answer:P= Rs. 96,000
Hey friend, follow the steps
I've, also checked the answer out twice.
Step-by-step explanation:
t= 4yrs.
R= 4%
S.I.= PRT/100 = P*4*4/100= 16P/ 100= 0.16P
t= 3yrs.
R=5%
A= P(1+r/100)^n = P(1+5/100)^3
= P(1.05)^3= 1.157625P
C.I.= A-P
= 1. 157625P-P = 0. 157625P
so, S.I.-C.I.= 228
0. 16P - 0. 157625P = 228
0.002375P = 228
P= 228/ 0.002375
P= 96,000
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