Ramesh lends a sum at 6% p.a. simple interest for two years. If he would have lent it on compound interest
(compounded yearly) at the same rate he would have got Rs. 54 more. The sum (in rupees) lent by him is
Click the Imagato Zoom
Answers
Given : Ramesh lends a sum at 6% p.a. simple interest for two years.
If he would have lent it on compound interest (compounded yearly) at the same rate he would have got Rs. 54 more.
To Find : The sum (in rupees) lent by him is
Solution:
SI = P * R * T/100
A = P (1 + R/100)^T
Extra interest earned Rs 54 would have been interest on interest earned in 1st year
Interest Earned in 1st year = P * 6 * 1 /100 = 6P/100
Interest Earned in 2nd year on Interest Earned in 1st year = (6P/100) * 6 * 1/100
= 36P/10000
36P/10000 = 54
=> P = 15000 Rs
The sum (in rupees) lent by him is Rs 15000
Another method
SI in 2years = P * 6 * 2 /100 = 12P/100
CI in 2 years = P(1 + 6/100)² - P = P ( 36/10000 + 12/100)
= P(1236/10000)
P(1236/10000) - 12P/100 = 54
=> 36P = 540000
=> P = 15000 Rs
Learn More:
if the difference between the ci and si for 2 years at 12 percentage ...
brainly.in/question/11868846
1. Find the difference between C.I and S.I on 5000 for 1 year at 2 ...
brainly.in/question/13187389