The simple interest accrued on an amount of Rs. 16,500 at the end of three years is Rs. 5,940. What would be the compound interest accrued on the same amount at the same rate in the same period? (rounded off to two digits after decimal) ?->(Show Answer!)

1. The simple interest accrued on an amount of Rs. 16,500 at the end of three years is Rs. 5,940. What would be the compound interest accrued on the same amount at the same rate in the same period? (rounded off to two digits after decimal)

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By: anil on 05 May 2019 01.38 am

Principal amount = Rs. 16,500 Simple interest earned = Rs. 5,940 and time = 3 years Let rate of interest = $$R \%$$ => $$S.I. = frac{P imes R imes T}{100}$$ => $$5940 = frac{16500 imes R imes 3}{100}$$
=> $$R = frac{5940}{165 imes 3}$$ => $$R = 12 \%$$ Now, compound interest accrued on the same amount at the same rate in the same period = $$P [(1 + frac{R}{100})^T - 1]$$ = $$16,500 [(1 + frac{12}{100})^3 - 1]$$ = $$16,500 [(frac{28}{25})^3 - 1] = 16,500 (frac{21952 - 15625}{15625})$$ = $$16,500 imes frac{6327}{15625} = Rs. 6681.31$$

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