On a certain sun, the difference between the compound interest and the simple interest for the second year is rs 3600 and the same for the third year is rs 7740 what is the sum? assume that in case of compound interest compounding is done annually
Answers
Answer:
P= 160000 Rs
R = 15 %
Step-by-step explanation:
Let say Principle = P
Rate of interest = R
the difference between the compound interest and the simple interest for the second year is rs 3600
This rs 3600 Difference is because of interest on First Year interest
First Year interest = P * R * 1 /100
Interest in 2nd year on 1st Year interest = ( PR/100) * R * 1 /100
=> PR²/10000 = 3600
=> PR² = 36000000
Difference for third Year
(2PR/100 + 3600) * R * 1 /100 = 7740
=> 2PR² + 360000R = 77400000
=> 2 * 36000000 + 360000R = 77400000
=> 360000R = 5400000
=> R = 15
PR² = 36000000
=> P * 15² = 36000000
=> P = 160000
P= 160000 Rs
R = 15 %
1st Year 2nd Year 3rd Year
Simple interest 24000 24000 24000
Compound interest 24000 24000 + 3600 24000 + 7740
Answer:
1,60,000₹
Step-by-step explanation:
2nd Year: 3600
3rd Year: 7200 540
540 3
------- = -----
3600 20
Rate=6.67%
so, P= 3600 × 20/3 × 20/3
=1,60,000₹