Question

the difference between the CI compounded annualy and the SI on a certain sum for 3 years at 10%p.a. is rs62. find the sum
​

Answer 1

Answer:

Rs 2000

Step-by-step explanation:

Let the sum/principal amount be S

The formula for compound interest is

CI=S((1+r/100)^n - 1))

where r=rate of interest and n is the no of years

r=10%

n=3 years

By putting in formula

CI=S(1+10/100)^3 - 1)) (It is not 3-1,It is the whole term (110/100)^3- 1)

CI=S(110/100)^3 - 1)

CI=S(110^3-100^3/100^3)

CI=S(1331000-1000000/1000000)

CI=S(331000/1000000)

CI=S(331/1000)

CI=S(0.331)-(1)

Formula for simple interest is STr/100 (S is the principal amount)

SI=S3(10)/100=S(30/100)=0.3S-(2)

It is given that the difference between the CI and SI is 62 Rs.

(2)-(1)=62

0.331S-0.300S=62

0.031S=62

S=62/0.031

=62/31 * 10^-3

=(62 * 10^3)/31

=(2*10^3)=Rs 2000

We get the sum to be Rs 2000

If the answer and workings are clear,please mark as the brainliest answer.