The difference between simple and compound interest on a sum put for 5years at 3% was Rs. 46.80 . Find the sum
Answers
Answered by
2
At 3% simple interest, 100 will become 115 after 5 years.
At 3% annually compounded interest, after 5 years, 100 will become 115.9274
The difference is 0.9274 for principle of 100.
What should be the principle, if the difference is 46.80?
46.80/(0.9274%) = 5046.37
Verification of correctness:
Simple interest 5046.37 at 3% for 5 years:756.95
Compound interest on 5046.37: 803.75
Difference between the two: 46.80
So 5046.37 is the answer.
Please mark as brainliest
At 3% annually compounded interest, after 5 years, 100 will become 115.9274
The difference is 0.9274 for principle of 100.
What should be the principle, if the difference is 46.80?
46.80/(0.9274%) = 5046.37
Verification of correctness:
Simple interest 5046.37 at 3% for 5 years:756.95
Compound interest on 5046.37: 803.75
Difference between the two: 46.80
So 5046.37 is the answer.
Please mark as brainliest
Similar questions