The simple interest on a sum of money for 3 years at 20/3% per annum is 38750. What will be the compound 3 interest on the same sum at the same rate for the same period, compounded annually?
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Step-by-step explanation:
SI=
100
P×R×T
8750=
100
P×
3
20
×3
8750=
100
20P
P=43750
Compound Interest
A=P(1+
100
r
)
t
=43750(1+
100
3
20
)
3
=43750(1+
3
20
×
100
1
)
3
=43750(1+
15
1
)
3
=43750(
15
16
)
3
=43750×
15×15×15
16×16×16
=
3×3×3
16×16×16×350
=
27
4096×350
=
27
1433600
=53096.296
=53096
Compound Interest = A - P
=53096−43750
=9346 Answer.
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