Question

the difference between the compound interest and simple interest on a certain sum of money at 15% per annum for three years is 283.50 . find the sum​

Answer 1

Answer:

let the sum be P

SI = PTR/100=P*3*15/100=45P/100=9P/20

CI = A-P=P (1+R/100)^n-P=P (1+15/100)^3-P

=P (115/100)^3-P

=P (23/20)^3-P

So by question CI-SI = 283.50

or P ((23/20)^3-1)-9P/20=P ((23/20)^3-1-9/20)=283.50

or P= 283.50/((23/20)^3-29/20)

or P = 4000 (ans)