The difference between the compound interest and the simple interest on a certain sum of money at 15% per annum for three years is rupees 283.50, find the sum
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Class 11
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>>Basics of financial mathematics
>>Accumulation with simple and compound interest
>>The difference between the compound inte
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The difference between the compound interest and simple interest on a certain sum at 15% per annum for 3 years is Rs.283.50.Find the sum.
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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
PRn
=
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 Rs4000
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The difference between the compound interest and the simple interest on a certain sum of money at 15% per annum for three years is rupees 283.50, find the sum
