The difference between the simple interest and the compound interest on a sum of money at 5% p.a. for 3 years is ₹122. Find the sum.₹12,000₹8,000₹16,000₹20,000
Question
Solution 1
The difference between compound interest and simple interest for 3 years is given by the formula:
P*(R/100)^2
Where P is the principal amount and R is the rate of interest.
Given in the problem, the difference is ₹122 and the rate of interest is 5%.
So, substituting the values in the formula, we Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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