Question

The simple interest on a certain sum of money for 3 years at 10% is Rs.3600. Find
the amount due at the compound interest on this sum of money at the same rate after 3 years, interest is compounded annually.

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Answer 1

Given :

• Simple Interest for 3 year = ₹ 3600

• Rate = 10% p.a.

To find :

• Compound interest for 3 years = ?

Step-by-step explanation :

Simple Interest for 3 year = ₹ 3600, Rate = 10% p.a. [Given]

Let the original sum (principal) be ₹ P.

Using,

Simple Interest = P × R × T/100,

Substituting the values in the above formula, we get,

3600 = P x 10 x 3/100

P = 3600 x 100/10 x 3

P = 12000.

•°• Principal for the first year = ₹ 12000.

Interest for the first year = ₹ (12000 × 10 × 1)/100

= ₹ 1200.

Amount after one year = ₹ 12000 + ₹ 1200 = ₹ 13200.

Principal for the second year = ₹ 13200.

Interest for the second year = ₹(13200 × 10 × 1) /100 = ₹ 1320.

Amount after 2 years = ₹ 13200 + ₹ 1320

= ₹ 14520

Principal for the third year = ₹ 14520.

Interest for the third year = ₹ (14520 × 10 × 1)/100

= ₹ 1452

Amount due after 3 years = ₹ 14520 + ₹ 1452

= ₹ 15972.

Compound interest for 3 years = final amount - original principal

Substituting the values, we get,

= ₹ 15972 - ₹ 12000

= ₹ 3972.

Therefore, Compound interest for 3 years = ₹ 3972

Answer 2

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QUESTION :

The simple interest on a certain sum of money for 3 years at 10% is Rs.3600.

Find the amount due at the compound interest on this sum of money at the same rate after 3 years, interest is compounded annually.

SOLUTION :

For Simple Interest :

S.I = Rs. 3600

T = 3 years.

R = 10 %

Hence:

Let the principal be P

=> P × 10 × 3 / 100 = 3600

=>P = 12000

Now C.I

A = 12000 × ( 11 / 10 ) ^ 3

= 12 × 1331

=> 15972

Now, Principle = 12000

=> C.I = Rs. 15972 - Rs. 12000

=> C.I = Rs. 3972............[ A ]