The compound interest on a sum of money for 3 | vedclass

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Question

(C) Let the principal be $P$,rate $R = 5 \%$,and time $n = 3$ years.Compound Interest $(CI)$ = $P \left[ (1 + \frac{R}{100})^n - 1 \right] = 1324.05$.

Vedclass · Accepted Answer

$1260$

Vedclass · Answer

(C) Let the principal be $P$,rate $R = 5 \%$,and time $n = 3$ years.Compound Interest $(CI)$ = $P \left[ (1 + \frac{R}{100})^n - 1 ight] = 1324.05$.$P \left[ (1 + \frac{5}{100})^3 - 1 ight] = 1324.05$.$P \left[ (1.05)^3 - 1 ight] = 1324.05$.$P [1.157625 - 1] = 1324.05$.$P 	imes 0.157625 = 1324.05$.$P = \frac{1324.05}{0.157625} = 8400$.Now,Simple Interest $(SI)$ = $\frac{P 	imes R 	imes n}{100} = \frac{8400 	imes 5 	imes 3}{100}$.$SI = 84 	imes 15 = 1260$.Therefore,the simple interest is ₹ $1260$.

The compound interest on a sum of money for $3$ years at $5 \%$ per annum is ₹ $1324.05$. What is the simple interest (in ₹)?

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