Question

the difference between the compound interest and the simple interest on a certain sum of money at 15% per annum for 3 years is rupees 1034 find the sum​

Answer 1

Answer:

P = 14,590

Step-by-step explanation:

Principle = p = ?

Rate of interest = i = 15% i.e. 0.15

Time = n = 3 yrs

Difference = 1034 [ CI - SI ]

$\green{\bold{P[(1+I)^n-1] - p * i * t = 1,034}}$

$P[(1+0.15)^3-1] - p * 0.15 * 3 = 1,034$

$P[(1.15)^3-1] - p * 0.45 = 1,034$

$P(0.5208875) * P(0.45) = 1,034$

$P(0.070875) = 1,034$

$\green{\bold{P = 14,590}}$

Thus the Principle amount is 14,590