Question

the difference between the compound interest and simple interest on a certain sum of money at 5% per annum for 3 years is rupees 30.50 find the sum.​

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Answer 1

Step-by-step explanation:

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Answer 2

The principal amount is Rs.40,000.

GIVEN: The difference between the compound interest and simple interest on a certain sum of money at 5% per annum for 3 years is rupees 30.50
TO FIND Principal amount.
SOLUTION:

As we are given,

Time is given as 3 years.

The rate of interest is 5%.

Let the Principal Amount be x.

Also,

Compound Interest = Amount - Principal

By applying the formula for both Compound Interest and Simple Interest.

Finding the difference between the types of interests.

Therefore, Solving both equations for the value of x using the method of substitution.

We get ,

x = 40,000

Therefore, The principal amount is 40,000.

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