Question

The difference between the compound Interest and simple Interest on a certain sum of money 6⅔ % per annum for three years is ₹ 46. Find the sum.​

Answer 1

Answer:

Given, Time = 3 years Rate = 6 2/3 % per annum = 20/3% Let principal = Rs P Compound Interest (CI) – Simple Interest (SI) = Rs 46 C.I – S.I = Rs 46 By using the formula,

P [(1 + R/100)n – 1] – (PTR)/100 = 46

P [(1 + 20/3×100)3 – 1] – (P(3)(20/3))/100 = 46

P[(1 + 20/300)3 – 1] – P/5 = 46

P[721/3375] – P/5 = 46 721/3375P – 1/5P = 46

(721P-675P)/3375 = 46

46P= 46 × 3375

46P = 46 × 3375/46 = 3375

∴ The sum is Rs 3375.