An amount of ₹ 8000 was deposited at simple i | vedclass

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(C) The formula for the difference between compound interest and simple interest for $3$ years is given by: $	ext{Difference} = \frac{P 	imes r^2(30

Vedclass · Accepted Answer

$138.375$

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(C) The formula for the difference between compound interest and simple interest for $3$ years is given by: $	ext{Difference} = \frac{P 	imes r^2(300 + r)}{100^3}$.Here,$P = 8000$,$r = 7.5$,and $n = 3$ years.Substituting the values into the formula:$	ext{Difference} = \frac{8000 	imes (7.5)^2 	imes (300 + 7.5)}{100^3}$$	ext{Difference} = \frac{8000 	imes 56.25 	imes 307.5}{1000000}$$	ext{Difference} = \frac{450000 	imes 307.5}{1000000}$$	ext{Difference} = \frac{138375000}{1000000} = ₹ 138.375$.

An amount of ₹ $8000$ was deposited at simple interest for $3$ years at $7.5$ $\%$ per annum. How much more would have been gained (in ₹) had it been deposited at the same rate per cent compound interest?

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