Question

The simple interest on a certain sum of money for 3 years at 20/3 % p.a. is Rs. 13500. What will be the compound interest on the same sum at the same sum at the same rate for the same time period compounded annually?

Answer 1

Simple interest :

Principle × rate × time

P × 20/300 × 3 = 13500

3P/15 = 13500

3P = 202500

P = 67500

Compound interest :

67500(1. 06667)³ = 81920.768

Interest = 81920.768 - 67500 = 14420.768

Answer 2

Answer:

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