The difference between CI and SI at 5% per annum for 3years on a certain sum of money at ₹305. find the sum. (full solution needed step by step)
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Answer:
Let the sum =P
Simple Interest for three years =P×
100
5
×10=0.15P
CI=P(1+
100
5
)
3
−P
=P(1.05)
3
−P
1.15763P−P=0.15763P
Difference between compound interest and simple interest
CI−SI=0.51763P−0.15P
=0.00763P
0.00763P=76.30
P=10,000.
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