the simple interest earned on a sum is rupees 4500 for 3 years at the rate of 5% per annum. find the compound interest for the same sum, if compounded anullay at the same rate and for same time.
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principle amount =$4500
rate per annum=5%
time =3 years
compound interest = 4500[(1+0.05)^3 -1]
=4500 (1.157625-1)
=4500*0.157625
=$709.3125
amt. of intetest =$709.3125
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