The simple interest accrued on an amount of R | vedclass

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(B) Step $1$: Calculate the rate of interest $(R)$ using the simple interest formula.$SI = \frac{P 	imes R 	imes T}{100}$$7200 = \frac{20000 	imes

Vedclass · Accepted Answer

$8098.56$

Vedclass · Answer

(B) Step $1$: Calculate the rate of interest $(R)$ using the simple interest formula.$SI = \frac{P 	imes R 	imes T}{100}$$7200 = \frac{20000 	imes R 	imes 3}{100}$$7200 = 600 	imes R$$R = \frac{7200}{600} = 12\% 	ext{ per annum}$.Step $2$: Calculate the compound interest $(CI)$ for the same principal,rate,and time.$CI = P \left[ \left( 1 + \frac{R}{100} ight)^T - 1 ight]$$CI = 20000 \left[ \left( 1 + \frac{12}{100} ight)^3 - 1 ight]$$CI = 20000 \left[ (1.12)^3 - 1 ight]$$CI = 20000 \left[ 1.404928 - 1 ight]$$CI = 20000 	imes 0.404928 = 8098.56$.Thus,the compound interest is $Rs. 8098.56$.

The simple interest accrued on an amount of $Rs. 20000$ at the end of $3$ years is $Rs. 7200$. What would be the compound interest accrued on the same amount at the same rate in the same period?

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