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(D) The formula for compound interest is $CI = P \left[\left(1+\frac{R}{100}\right)^{n}-1\right]$.Given $CI = 504.40$,$R = 5\%$,and $n = 3$ years.$504

Vedclass · Accepted Answer

$480.00$

Vedclass · Answer

(D) The formula for compound interest is $CI = P \left[\left(1+\frac{R}{100}ight)^{n}-1ight]$.Given $CI = 504.40$,$R = 5\%$,and $n = 3$ years.$504.40 = P \left[\left(1+\frac{5}{100}ight)^{3}-1ight]$$504.40 = P \left[\left(\frac{21}{20}ight)^{3}-1ight]$$504.40 = P \left[\frac{9261}{8000}-1ight]$$504.40 = P \left[\frac{1261}{8000}ight]$$P = \frac{504.40 	imes 8000}{1261} = 400 	imes 0.8 = 3200$.So,the principal $P = Rs. 3200$.Now,calculate simple interest: $SI = \frac{P 	imes R 	imes T}{100}$.$SI = \frac{3200 	imes 5 	imes 3}{100} = 32 	imes 15 = 480$.Thus,the simple interest is $Rs. 480$.

If the compound interest on a certain sum of money for $3$ years at $5 \%$ p.a. is $Rs. 504.40$,find the corresponding simple interest. (In $Rs.$)

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