Question

The difference between the compound interest and simple interest on a certain sum of money at 20/3% per annum for 3 years is ₹46. find the sum.

Answer 1

Step-by-step explanation:

It's very simple.

Let the sum to be found be P

Rate of interest (r)= 5% p.a.

Time(t) = 3 yrs

C.I - S.I = ₹ 15.25

P[(1+r/100)^3 -1-(5*3)/100]=₹15.25

Putting the values of r and t in the above expression and solving it, we get:

P= ₹15.25*(8000/61)

Thus,

P = ₹2000.