Question
Download Solution PDFIf the difference between the compound interest and simple interest on a sum for 3 years at the rate of 5% per annum is Rs. 190.625, find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate = 5% per annum
Difference between C.I and S.I for 3 years = Rs. 190.625
Formula used:
Difference for 3 years = \({\rm{P}}{\left( {\frac{{\rm{R}}}{{100}}{\rm{\;}}} \right)^2}\left( {\frac{{300{\rm{\;}} + {\rm{\;R}}}}{{100}}} \right)\)
Calculation:
\(\Rightarrow {\rm{}}190.625{\rm{}} = {\rm{P}}{\left( {\frac{5}{{100}}} \right)^2}\left( {\frac{{300{\rm{\;}} + {\rm{\;}}5}}{{100}}} \right)\)
\( \Rightarrow {\rm{}}190.625{\rm{}} = {\rm{P}}\left( {\frac{1}{{400}}} \right)\left( {\frac{{305}}{{100}}} \right)\)
⇒ P = Rs. (190.625 × 400 × 100)/305
⇒ P = Rs. 25,000
∴ The sum is Rs. 25,000
Last updated on Jul 22, 2025
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