Question

The compound interest of a certain sum of money for 2 years is Rs. 8,034 and the simple interest of the same sum for the same interval of time at same rate of interest is Rs 7800. Find the sum and the rate of interest

Answer 1

Answer:

Simple interest for 2 years = Rs 7800

So for 1 year = Rs 3900

Compound interest and simple interest are same for the first year

So compound interest for second year =8034 -3900 = Rs 4134

So interest on Rs 3900 is 4134–3900 =234

So rate = 234/3900 x 100 = 6% ANSWER

6% =3900

100% = 100/6 x 3900 = Rs 65,000 = sum ANSWER

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