sumit deposit rs 15000 at 12 % per annum for 3 years at simple interest and shweta deposit the same amount for the same time period at rs 10 per annum for compound interest annually who got more intrest and by how much
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Step-by-step explanation:
Given data
principal (p) = 15000
time period (t) = 3 year
rate of simple interest (R) = 12%
rate of compounds interest(r) = 10%
Simple interest
simple interest =( p×t×R)/100
= (15000×12×3)/100
= 5400 rupees
sumit got intereste = 540 rupees
compound interest
according to formula
amount = p(1+r/100) ^t
= 15000(1+10/100)³
= 15000 (1+1/10)³
= 15000× 11/10 ×11/10×11/10
= 19965
compound interest = amount- principal
= 19965-15000 =4965
sweeta got interest= 4965 rupees
sumit got (5400-4965) =635 more rupees
I hope it will help you ,,, if possible please mark me in brainleast
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