16. The difference between CI and SI on a certain sum of money at 6-% p.a. for 3 years is 2 46. Find​

38

CI=P[(1+r)

n

−1]

P = principle amount

r = rate per period

n = number of periods

SI = prt

P = principle amount

r = rate

t = time

CI−SI=P[(1+r)

n

−1−rt]

46=P[(1+

300

20

)

3

−1−

300

20

×3]

46=P[(

15

16

)

3

−1−

5

1

]

[P=38rs]