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If difference between simple interest and compound interest on a sum for 3 years at 10% is Rs 46.50, then what is sum?

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If difference between simple interest and the compound interest on a certain amount of money for 3 years at 10% per annum is Rs. 46.50. Then what is the value of sum?

posted Oct 14, 2016 by anonymous

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1 Solution

+1 vote

By applying formulas for computing simple and compounding interest rates, we get:
Let Sum = X
Simple interest formula value = X x 0,1 x 3 = 0,3 X
Compound interest formula value = X x ( ( 1 + 0,1 )^ 3 - 1 )) = 0,331 X
Then
0,331 X - 0,3 X = 46,50
X = Rs 1500

solution Oct 15, 2016 by anonymous



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