Question

the difference between compound interest and simple interest is 15 % p.a for a period of 3 year is 1701 if the i interest is compounded manually find the sum of money​

Answer 1

rate at CI for 3 years =

15+15+ 15×15/100= 32.25

now

32.25+ 15+ 32.25× 15/100= 52.0875

now rate at SI for 3 yrs=

3× 15= 45

now

52.0875-45= 1701

7.0875= 1701

100 = 24000