A certain amount of money yeild rs. 540 as simple interest 3 years if it is yeild a compound interest Rs. 387 at the same rate interest in 2 year find the amount
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Answer:⤵️
Rs. 2,000/- as original investment.
Step-by-step explanation:
Method:
★step 1:
simple interest for 3 years =540/-, hence for one year, interest = 180/- and y for 2 years, 360/-.
★step 2:
Difference of interest at two years between simple vs. compound interest (376.20 and 360) is Rs. 16.20, which is the interest earned on first year's 180 interest, which amounts to 16.20×100/180=9%
★step 3:
To earn Rs. 180 in 1 year at 9%, you need 2000/- as principal.
answer is:Rs. 2,000/- as original investment.
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