SOLUTION: The difference between simple interest and compound interest on a certain sum of money invested for 3 years at 6% p.a is $ 110.16. The sum is :

Question 980999: The difference between simple interest and compound interest on a certain sum of money invested for 3 years at 6% p.a is $ 110.16. The sum is :
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
The difference between simple interest and compound interest on a certain sum of money invested for 3 years at 6% p.a is $ 110.16. The sum is
:
let p = the original amt of money
:
Compounded amt - simple int amt = 110.16
p(1.06)^3 - (p+p*.06*3) = 110.16
1.191p - 1.18p = 110.16
.011p = 110.16
p = 110.16/.011
p = $10,014.55
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