Question

The compound interest on a sum of money for 3 years at 10% p.a. is ₹264.80. Find the simple
interest for the same sum for the same time at the same rate.​

Answer 1

Answer:

$ci = p | (1 + \frac{r}{100} )^{n} - 1 | \\ 264.8 = p |(1 + \frac{10}{100} ) ^{3} - 1 | \\ 264.8 = p | (\frac{11}{10}) ^{3} - 1 | \\ 264.8 = p( \frac{1331 - 1000}{1000} ) \\ 264.8 = p ( \frac{331}{1000} ) \\ p = 264.8 \times \frac{1000}{331} \\ p = 800$

$si = \frac{800 \times 3 \times 10}{100} \\ = 240$