the difference between CI and SI for 2 year is 240 find the sum
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Answer:
formula for compound interest (CI): (1+p)^n - 1
formula for simple interest (SI): (1+np) - 1
Equation:
(CI(3 years) - SI(3 years)) / (CI(2 years) - SI(2 years)) = 31/10
or
solve for p in
(((1+p)^3–1) - ((1+3p)-1)) / (((1+p)^21) - ((1+2p)-1)) = 31/10
((1+p)^3 - (1+3p)) / ((1+p)^2 - (1+2p)) = 31/10
=> p = 10%
Step-by-step explanation:
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