Question
A man invested Rs. 10,000 at simple interest of 15% p.a.
If he had instead invested the same sum on compound interest of 15% p.a., compounded annually, then how much more he would have earned as interest after 3 years?Solution
ATQ Simple interest = Sum × (rate of interest/100) × (time in years) Simple interest earned in three years = 10,000 × (15/100) × 3 = Rs. 4,500 Compound interest earned in three years: = 10,000 × {1 + (15/100)}³ - 10,000 = 10,000 × (1.15)³ - 10,000 = 10,000 × 1.520875 - 10,000 = Rs. 15,208.75 - 10,000 = Rs. 5,208.75 So, required difference = 5,208.75 - 4,500 = Rs. 708.75
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