Calculate the simple interest on rs. 1200 for 4 years at the rate of 5% per annum.
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More Detail Given : For compound interest: Rate of interest (R)$=5$%. Time (N)$=3$ years. For simple interest: Rate of interest (R)$=5$%. Time (N)$=3$ years. Simple interest (SI)$=1200$. To do : We have to find the principal(P) and compound interest(CI). Solution : We know that, $SI = \frac{PNR}{100}$ $1200 = \frac{P \times 3 \times 5}{100}$ $P = \frac{1200 \times 100}{3 \times 5}$ $P = 400 \times 20$ $P = 8000$ The principal is ₹8000. $CI = P(1+\frac{R}{100})^N - P$ $CI =8000 (1+ \frac{5}{100})^3 - 8000$ $CI = 8000 (\frac{100+5}{100})^3 -8000$ $CI = 8000 (\frac{105}{100})^3 -8000$ $CI = 8000 (\frac{21}{20})^3 - 8000$ $CI = 8000 \times \frac{9261}{8000} - 8000$ $CI = 9261 - 8000 = 1261$ Therefore, the Compound interest is ₹1261.
Tutorialspoint Updated on 10-Oct-2022 10:20:37
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