the simple interest on a certain sum of money for 3 years at 20/3 percent per annum is rs 13,500 what will be the compound interest on the same sum at the same rate for same time period compounded annually
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the simple interest on a certain sum of money for 3 years at 20/3 percent per annum is rs 13,500 what will be the compound interest on the same sum at the same rate for same time period compounded annually
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Answer:
Compound Interest = 14420.768 rupees
Step-by-step explanation:
Simple interest = Principal amount × rate of interest × time
which means,
I = PRt
Here,
We have to find the Principal amount.
So.
The equation can be rewritten as:
[tex]P = \frac{I}{Rt}[/tex]
Here,
⇒ P = [tex]\frac{13500}{(\frac{20}{300)}\times3}[/tex]
⇒ P = [tex]\frac{13500}{0.02}[/tex]
⇒ P = Rs 67500
Compound interest : 67500(1. 06667)³ = 81920.768
Therefore,
Interest = 81920.768 - 67500 = 14420.768 rupees
Answer:
14420is the ans
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