Question

the difference between the compound interest and simple interest on a sum of money at 15% P A for a period of three years rupees 1701. Id the interest is compounded annually, find the sum of money.​

Answer 1

Answer:

Answer

Given CI-SI= Rs. 283.50 R=15% n=3 years

Let the sum be Rs.x

We know that : A=P(1+

100

R

)

n

A=2(1+

100

5

)

3

=x(1.15)

3

_________ (1)

Aslo, SI=

100

PRI

=

100

x×15×3

=1.45x _______ (2)

Thus, we have :

x(1.15)

3

−1.45x=283.50 (from (1)&(2))

⇒1.523x−1.45x=283.50

⇒0.070875x=283.50

⇒x=

0.070875

283

=4,000

Thus, the sum is Rs 4000