Find the compound interest at $5 %$ p.a. for 3 years on that principal which gives simple interset of $R s . 2400$ at the same rate and for the same time.

Open in App

Solution

According to the question,

Using the formula $C I = P {[1 + \frac{R}{100}]}^{n} - P$

$C I = 2400 {[1 + (\frac{5}{100})]}^{3} - 2400$

$C I = 2, 778.3 - 2400$

On solving we get $C I = 378.3$

Suggest Corrections

Similar questions

The simple interest on a certain sum for 3 years is 2100 and the compound interest on the same sum at the same rate for 2 years is Rs 1449. Find the principal.

Q. Find the difference of compound interest and simple interest on

R s . 15, 000

at the same rate of interest

12 \frac{1}{2} %

p.a for

2

years.

Q. If the compound interest on a certain sum for 2 years at 3% p.a. is Rs.101.50 then what will be the simple interest on the same sum at the same rate and for the same time?

A principal of Rs. 40,000 is compound annually at the rate of 10% for 2 years. What is the compound interest and is it greater than the simple interest for the same rate and at the same time?

Join BYJU'S Learning Program

Find the compound interest at 5% p.a. for 3 years on that principal which gives simple interset of Rs.2400 at the same rate and for the same time.

According to the question,Using the formula CI=P[1+R100]n−PCI=2400[1+(5100)]3−2400CI=2,778.3−2400On solving we get CI=378.3

Find the compound interest at $5 %$ p.a. for 3 years on that principal which gives simple interset of $R s . 2400$ at the same rate and for the same time.

According to the question,

Using the formula $C I = P {[1 + \frac{R}{100}]}^{n} - P$

$C I = 2400 {[1 + (\frac{5}{100})]}^{3} - 2400$

$C I = 2, 778.3 - 2400$

On solving we get $C I = 378.3$