Question

The difference between the compound interest and the simple interest on a certain sum of money at 5percent per annum for 3 years is 30.50. Find the sum?​

Answer 1

let principle amount = x

S.I= P×R×T/100

p=principle=x

R=rate=5% per annum

T=Time=3 years

S.I=x×5×3/100=15x/100

C.I=A-P

Amount=P(1+R/100)T

=x(1=5/100)^3

=x(21/20)^3

C.I= 9261x/8000

Difference of C.I and S.I=30.50

9261x/8000-15x/100=30.50

9261x/8000-120000/8000=30.50

x=30.50×8000/110739= 244000/110739=2.20

Ans: x= 2.20