Question

The difference between the compound interest and the simple interest on a certain sumbfor 3 years at 10% per annum is Rs. 93. Findnthe sum.

Answer 1

The answer is ₹3000

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Answer 2

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$\huge\frak{\underline{\underline{\pink{Question:-}}}}$

• The difference between the compound interest and simple interest on a certain sum for 3 years at 10% per annum is Rs. 93. Find the sum.

$\huge\frak{\underline{\underline{\pink{Answer:-}}}}$

• The sum = ₹3000.

● $\large\bold{\underline{Solution:}}$

Let the sum be P.

Formula to find simple interest :-

$\green\large{\boxed{{\rm{ \star \: \:I = P \times r \times t}}}}$

$:\implies\:\: \large\rm{R = 10 = 0.1}$

$:\implies\:\: \large\rm{T=3}$

Simple interest :-

$:\implies\:\: \large\rm{I_1 = P \times 0.1 \times 3 = 0.3 P}$

Formula for compound interest :-

$:\implies\:\: \large\rm{I = P(t + 3)^t - P}$

Compound interest :-

$:\implies\:\: \large\rm{I_2 = P (1+0.1)^3 - P }$

$:\implies\:\: \large\rm{P (1.1)^3 - P }$

$:\implies\:\: \large\rm{ 1.331 \:P - P}$

$:\implies\:\: \large\rm{0.331\: P }$

● $\large\bold{\underline{According \:to\:the\:Question:}}$

$:\implies\:\: \large\rm{I_2 - I_1 = 93}$

$:\implies\:\: \large\rm{0.331 P - 0.3 P = 93}$

$:\implies\:\: \large\rm{0.031 P = 93}$

$:\implies\:\: \large\rm{P = \dfrac{93}{0.031} = 3000}$

∴ Hence, the sum would be ₹3000.

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