The difference between the compound interest and simple interest on a certain sum for 3 years at 5% pa is rs 183. Find the sum.
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let principal be x
Now according to question
amount in C.I. = x(1 + 5/100)^3
= x (26/25)^3
=9261x/8000
C.I.= amount - principal
= 9261x/8000 - x
=1261x/8000
S.I.= prt/100
=x×5×3/100 = 15x/100
difference = C.I. - S.I.
183 = 1261x/8000 - 15x/100
183. = 61x/8000
183×8000 = 61x
x = 183×8000/61
x = 24000
therefore the sum is 24000
Now according to question
amount in C.I. = x(1 + 5/100)^3
= x (26/25)^3
=9261x/8000
C.I.= amount - principal
= 9261x/8000 - x
=1261x/8000
S.I.= prt/100
=x×5×3/100 = 15x/100
difference = C.I. - S.I.
183 = 1261x/8000 - 15x/100
183. = 61x/8000
183×8000 = 61x
x = 183×8000/61
x = 24000
therefore the sum is 24000
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