Question

In what time will the interest on a certain sum of money, when invested at a simple interest rate of
3
6% per annum, will be 3upon 8th of the amount?​

Answer 1

Answer:

Simple Interest, S.I. = Rs. 1260 = 100PR×2=  50PR          -(i)

Compound Interest, C.I. = Amount(A) - Principle(P)

=P(1+100R)2 - P = PR(R/10000+1/50)=Rs.1323         -(ii)

Dividing (ii) by (I),

200R+1 = 12601323

⇒Rate,R=10%p.a.

Now, 100PRT=1260

⇒ 100P×10×2=1260

⇒ Principal or Sum , P = Rs.6,300