Question
Download Solution PDFThe simple interest on a certain sum of ₹ P at a rate of r% per annum for 3 years is Rs.11,250 and the compound interest on the same sum for 2 years at the same rate percent p.a. is ₹ 7,650. What is the value of P and r, respectively?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven data:
SI for 3 years = Rs 11,250
CI for 2 years at the same rate = Rs 7650
Formula used:
P =
P = Principal
SI = Simple Interest
R = Rate
T = Time
Calculation:
SI for 1 year = 11,250 ÷ 3 = Rs 3,750
SI for 2 year = 2 × 3750 = Rs 7500
Difference between CI and SI for 2 year = 7650 - 7500 = Rs 150
⇒ This difference between CI and SI was on the SI for the 1st year i.e., Rs 3750
∴ Rate % =
Principal =
∴ The Principal amount was Rs 93,750 and the rate of interest was 4%.
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