Ahmed lent amir rs8000 at simple interest for 3 years at the rate of 5% per annum. how much more would he have gained if he had lent it at compound interest?

Ahmed could have gained 61 rupees more, if had given had given in compound interest.

Solution:

Given that Ahmed lent amir Rs8000 at simple interest for 3 years at the rate of 5% per annum

Simple Interest calculation:

Principal = 8000

Rate of interest = 5%

Time = 3

Formula:

Where , "p" is the principal and "n" is the number of years and "r" is the rate of interest

Substituting the values in formula,

Compound Interest calculation:

Principal = 8000

Rate of interest = 5% compounded annually

Time = 3

Formula:

Substituting the values in formula,

Therefore, the difference between the interests:

1261 - 1200 = 61

Thus he could have gained 61 rupees more, if had given had given in compound interest.

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step-by-step explanation: