Question

the difference between the compound interest and the simple interest on a certain sum of money at 5% per annual for three years is 61 rupees find the sum if the interest is compounded annually​

Answer 1

Answer:

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.

That's it.