The compound interest for 2 years and simple interest for 3 years on the same sum of money at the same
rate are Rs. 1680 and Rs. 2400 respectively. Find [i] the rate of interest [ii] the sum of money
Answers
Given :-
- compound interest for 2 years = Rs.1680 .
- simple interest for 3 years = Rs.2400 .
To Find :-
- The rate of interest .
- The sum of money .
Solution :-
We can solve this problem by assuming Principal as Rs.P and Rate as R% per annum . In this case we have to solve two equations which will be lengthy .
Lets try to solve it by simplest method.
we know that,
- Simple interest is same in every year.
- In compound interest we gets interest on interest at given rate .
- In first year simple interest and compound interest are same.
so,
→ simple interest for 3 years = Rs.2400
→ simple interest for each year = 2400/3 = Rs.800 .
then,
→ Simple interest for 1st year = compound interest for 1st year = Rs.800 .
therefore,
→ Compound interest for 2nd year = compound interest for 2 years - compound interest for 1st year = 1680 - 800 = Rs.880 .
Hence,
→ Increase interest from Rs.800 = 880 - 800 = Rs.80 at some rate of interest .
so,
→ Rate of interest = (80 * 100)/800 = 10% (Ans.)
and,
→ Principal = (SI * 100) / (R * T) = (800 * 100) / (10 * 1) = Rs.8000 (Ans.)
Learn more :-
CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.
https://brainly.in/question/32463301
The compound interest for 2 years and simple interest for 3 years on the same sum of money at the same
rate are Rs. 1680 and Rs. 2400 respectively. Find [i] the rate of interest [ii] the sum of money