Simple interest on a sum of money for 3 years at 6.25% per annum is Rs 2400. What wil be the compound interest on that sum at the same rate for the same period
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Answer:
SI = P×T×R / 100
2400 = P × 3 × 625 / 1000
2400 = 3P × 625 / 1000
2400 × 1000 = 3P × 625
2400 × 1000 / 625 × 3 = P
1280 = P
Therefore principal is 1280 rupees
CI = P ((1 + R / 100) ^ n - 1)
CI = 1280 ((1+625 /1000) ^3 - 1)
CI = 1280 ( 1+5/8)^3-1)
CI = 1280(13/8)^3-1)
CI = 1280(2197/512-1)
CI = 1280 ( 2197-512/512)
CI = 1280 × 1685/512
CI = 4212.5
There fore the CI is 4212.5 rupees.
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