On a certain sum of money, after 2 years the simple interest and compound interest obtained are rs 400 and rs 600 respectively. What is the sum of money invested?
Answers
Given:
On a certain sum of money, after 2 years the simple interest and compound interest obtained are ₹ 400 and ₹ 600 respectively.
To Find:
What is the sum of money invested?
Solution:
here, given that simple interest and compound interest obtained are ₹ 400 and ₹ 600 respectively in 2 years.
therefore, S.I.= 400 , C.I.=600 , T=2 and n = 1
since, we know , simple interest is given by
----(1)
Compound interest is given by
therefore,
On substituting value of R from equation (1) is ;
Hence, ₹ 10152.28 is the sum of money invested.
Given :- On a certain sum of money, after 2 years the simple interest and compound interest obtained are rs 400 and rs 600 respectively. What is the sum of money invested ?
Solution :-
we know that,
- Simple interest is same in every year.
- compound interest and simple interest are same in first year.
with these two statement, we can solve this question very easily .
given now,
- Time = 2 years.
- Simple interest received = 400 => 200 each year.
- compound interest = 600 => 200 in first year as equal to Simple interest and than 400 in second year.
So,
→ Extra compound interest = 400 - 200 = Rs.200 .
Than,
→ Rate of interest = (200 * 100) / 200 = 100% . { in CI we gets interest on interest , which is equal to rate %.}
Therefore,
→ Simple interest = (Principal * Rate * Time) / 100
→ 200(1 year) = (Principal * 100 * 1) / 100
→ 100 * Principal = 200 * 100
dividing both sides by 100,
→ Principal = Rs.200 (Ans.)
Hence, The sum of Money invested is Rs.200 and Rate of interest is 100% per annum.
Learn more :-
Sahil deposited an amount in a bank at a certain rate of interest which is compounded annually. When he
inquired from th...
https://brainly.in/question/26967119
If there is 45% increase in amount in 3 years at simple interest, what will be the compound interest of Rs.
12,000 at th...
https://brainly.in/question/26772982