the simple interest on an amount of rs 14800 at the end of three years is rs. 6216.what will be compound interest on the same amount, at the same rate for the same time
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Answer:
7126.85
Step-by-step explanation:
Simple interest = P * R * T /100
P = 14800
R = ?
T = 3
6216 = 14800 * R * 3 / 100
=> R = 14
Compound interest = P (1 + R/100)^T - P
= 14800(1 + 14/100)³ - 14800
= 14800 ( 1.14³ - 1)
= 7126.85
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