Define sinking fund and perpetuity. The
difference between simple and
compound interest on a certain sum of
money for 3 years at 5% p.a. is
* 213.50. Find the principal, simple
interest and compound interest.
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Answer:
Explanation:
Suppose sum=P
Given CI−SI=Rs.122
P(1+
100
5
)
3
−P−(
100
P×5×3
)=122
P(
100
3
105
3
−1−
100
15
)=122
P(
100
3
7,625
)=122
P=
7,625
122×100
3
=Rs.16,000
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