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Question
The simple interest on a certain sum for 3 years at 4% is Rs 600. Find the compound interest for the same sum at the same percent and in the same time.
Solution
Since, Simple interest
= `("P" xx "r" xx "t")/(100)`
⇒ 600 = `("P" xx 4 xx 3)/(100)`
⇒ P = `(60000)/(12)`
= 5000
Now for C.I., P = Rs.5000, r = 4%, t = 3 years
Amount
= `"P"(1 + "r"/100)^"t"`
= `5000(1 + 4/100)^3`
= `5000 xx (26/25)^3`
= 5624.32
Hence, Amount = Rs.5624.32
Also, C.I.
= A - P
= Rs.5624.32 - Rs.5000
= Rs.624.32.
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