Find the difference between simple interest
and compound interest for 3 years on 30,000
at 15% per annum, when the interest is
compounded annually.
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Verified answer
Step-by-step explanation:
principal=30,000
time=3years
rate=15%p.a.=3/20(in fraction)
C.I. - S.I.=???
30,000
/. |. \
/. |. \
4500. 4500. 4500[with rate 15%]
(1st yr ). (2nd). (3rd)
\. \
\. \•••••••675[same rate here also
\••••••••••••••••••675
|•••••••••675••••101.25
C.I. - S.I. = 3×675+101.25=2126.25
Answer:
Ci= p{(1+r/100)^n-1}
30000{(1+7/100)^3-1}
30000{(100+7/100)^3-1}
30000{(107/100)^3-1}
30000{1,225,043/1000000-1
30000{1.225043-1}
30000{0.225043}
30000×0.225043
6751.29
Therefore ci = 6751.29
Si= pxrxt/100
30000x7x3/100
=6300
Therefore si =6300
There difference= 6751.29 - 6300=451.29 answer.