1. The compound interest on a certain sum of money at a certain rate per annum for two years is 2,050, and the simple interest on the same amount of money at the same rate for 3 years is 3, 000. Then the sum of money is
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By: anil on 05 May 2019 01.54 am
let the sum of money be Rs P And rate of interest = R % It is given that for two years the Compound Interest = Rs 2050 CI = $$P(1 + frac{R}{100})^T - P$$ 2050 = $$P((1 + frac{R}{100})^2- 1)$$ .......(1) As it is given that for 3 years the Simple Interest = Rs 3000 and we know that SI for every year is same so for 1st year Simple interest = Rs 1000 For 1st year SI and CI are same if rate of interest and Principal amount is same and hence for 1st year CI = 1000 For 2 years the CI = 2050 = 1000 + 1000 + ($$frac{R}{100}$$ imes 1000) R = 5% Simple Interest = $$frac{P imes R imes T }{100}$$ 3000 = $$frac{P imes 5 imes 3}{100}$$ P = Rs 20000
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