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The difference between the compound interest and simple interest accrued on an amount at the end of three years at the rate of 15% is Rs. 453.6. What is the amount ??
- ARs. 4,500
- BRs. 6,400
- CRs. 7,200
- DRs. 8,000
Answer not set
Discussion 1
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Solution
Let $p$ be the principal amount. $r$= 15% $n = 3$ years.
SI = pnr/100 = 3*0.15*p = 0.450
Total amount accrued due to SI = p + 0.45p =1.45p
Amount accrued due to CI in 3 years = $p\left(1+\frac{r}{100}\right)^{n}$ = $p(1.15)^{3}$= 1.520875p
Difference in amounts = 1.520875p-1.45p = 0.07087p
0.07087p = 453.6 => p = Rs.6400
Option B is the right answer.
Let $p$ be the principal amount. $r$= 15% $n = 3$ years.
SI = pnr/100 = 3*0.15*p = 0.450
Total amount accrued due to SI = p + 0.45p =1.45p
Amount accrued due to CI in 3 years = $p\left(1+\frac{r}{100}\right)^{n}$ = $p(1.15)^{3}$= 1.520875p
Difference in amounts = 1.520875p-1.45p = 0.07087p
0.07087p = 453.6 => p = Rs.6400
Option B is the right answer.