Question
Download Solution PDFThe compound interest on a certain sum of money for 3 years at 20% per annum is 4368. Find the simple interest at the same rate and for the same time period.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Time = 3 years
Rate = 20%
Formula used:
Compound interest = Principal [(1 + rate/100) time - 1]
Simple interest = (Principal × rate × time)/100
Calculation:
4368 = Principal [ (1 + 20/100)3 -1]
⇒ 4368 = Principal [ (6/5)3 -1]
⇒ 4368 = Principal [91/125]
⇒ Principal = 48 × 125 = 6000
Simple interest = (6000 × 20 × 3)/100 = 3600
∴ Simple interest is 3600Last updated on Jul 16, 2025
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