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Question 78
A person invested some money at the rate of 6% simple interest. At the end of three years, he got Rs. 900 as SI. If interest is put at the rate of compound interest annually, how much more interest would he got in three years?
Solution
Let x be the principal amount invested by him.
Amount earned by him as SI = 900
900 = x*0.06*3
x = 5000
Compound interest he could have earned = 5000*(1.06)^3 - 5000 = 955.08
Amount earned more = 955.08 - 900 = 55.08
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