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Question

(A) The formula for the difference between Compound Interest $(C.I.)$ and Simple Interest $(S.I.)$ for $3$ years is given by:Difference $= \frac{P 	i

Vedclass · Accepted Answer

$40.91$

Vedclass · Answer

(A) The formula for the difference between Compound Interest $(C.I.)$ and Simple Interest $(S.I.)$ for $3$ years is given by:Difference $= \frac{P 	imes R^2 	imes (300 + R)}{100^3}$Given:Principal $(P)$ $= Rs. 15000$Rate $(R)$ $= 3 \%$Time $(n)$ $= 3$ yearsSubstituting the values into the formula:Difference $= \frac{15000 	imes 3^2 	imes (300 + 3)}{100^3}$Difference $= \frac{15000 	imes 9 	imes 303}{1000000}$Difference $= \frac{135000 	imes 303}{1000000}$Difference $= \frac{40905000}{1000000} = 40.905$Rounding to two decimal places,the difference is $Rs. 40.91$.

Find the difference between $C.I.$ and $S.I.$ on $Rs. 15000$ at $3 \%$ per annum for $3$ years.

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