Habib borrowed Rs 3000 from his friend for 5 years at 10% per annum simple interest. At the end of 5 years, Habib paid Rs 4000 and old cycle to his friend in full and final settlement. Find the price of the cycle.please send it as fast as you can if it comes in 5 minutes it will be good
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Answer:
Sum=Rs.18000
Rate =10%
Time =1 year
S.I=
100
PRT
⇒
100
18000×10×1
=Rs.1800
Govind invest the sum at 10% compound interest half-yearly
Then amount after 1 year
R=10% half-yearly=
2
10
=5%
Time =1 year=2 half year
amount=P(1+
100
R
)
T
⇒18000(1+
100
5
)
2
⇒18000×
100
105
×
100
105
⇒Rs.19845
C.I=amount−Sum
=19845−18000=Rs.1845
Difference between C.I and S.I=1845−1800=Rs.45
Hence Govind gain Rs.45 in a year
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