Question

the simple interest on a certain sum of money for 3 years at 5% is rupees 540 what will be compound interest on that sum at the same rate for the same period

Answer 1

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Answer 2

Given:

The simple interest on a certain sum of money for 3 years at 5% is rupees 540

To Find:

What will be compound interest on that sum at the same rate for the same period ?

Solution:

Let the sum be x

Time = 3 years

Rate of interest = 5%

Simple interest = 540

Formula:

$SI=\frac{P \times T \times R}{100}\\540=\frac{x \times 3 \times 5}{100}\\\frac{540 \times 100}{15}=x\\3600=x$

Formula :

$A=P(1+r)^t\\A=3600(1+0.05)^3\\A=4167.45$

Compound interest = Amount - Principal = 4167.45 -3600=567.45

Hence The compound interest on that sum at the same rate for the same period is Rs.567.45