If the difference between CI &SI on a certain sum of money for 3 years at 10% p.a. is Rs. 93, find the sum (in Rs)
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Given :
• Rate(r) = 10%
• Time(t) = 3 years
• Difference = Rs 93
To Find :
• The sum
Solution :
Let the sum be Rs P
Find the Simple Interest First
★ S.I. = P × R × T/100
→ S.I. = P × 10 × 3/100
→ S.I. = Rs 3/10 P.... i)
Find the Compound Interest now :
★ C.I. = P [(1 + R/100)ⁿ - 1]
→ C.I. = P [(1 + 10/100)³ - 1]
→ C.I. = P [(11/10)³ - 1]
→ C.I. = P (11³ - 10³/10³)
→ C.I. = P (1331 - 1000/1331)
→ C.I. = Rs 331/1000 P....ii)
As given, C.I. - S.I. = Rs 93
→ Rs 331 P/1000 - Rs 3/10 P = RS 93
→ Rs (331-300/1000) P = Rs 93
→ Rs 31/1000 P = Rs 93
→ P = Rs 93 × 1000/31
→ P = Rs 3000
The required sum is Rs 3000.
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