Question

the difference between the compound interest and simple interest on a certain sum of 3 years at 10% per annum is rs. -93. find the sum​

Answer 1

Answer:

Step-by-step explanation:

As per compound interest; it will be reaching to an amount P * [{1 + (10 / 100)}^ 3] = 1.331 * P in three years.

And, as per simple interest, it will become {P + P * (10 / 100) * 3} = 1.3 * P in three years.

Thus, (1.331 - 1.3) * P = 15.50

0.031 * P = 15.50

P = 500

So, the principal amount was 500 rupees.