the difference between the compound interest and simple interest on a certain sum of money at 15% p a for 3 years is rupees 23150 find the sum
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Answer:
For ,
N=3years
R=15 %
We have S.I.=
100
PNR
=Rs23150
=>
100
P×3×15
=
=>P=Rs4,500
And on interest being compounded for 2 years, Amount=P(1+
100
R
)
N
=4,500×(1+
100
15
)
3
=4,600×1.05
3
=Rs 4830
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