The S.I and C.I on a certain sum of money is lent out for 2 years at a certain rate are respectively Rs.900 and Rs.920.25.Find the sum and rate of interest.
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The simple interest and compound interest (compounded annually) on a certain sum of money with a given rate for a period of 2 years are Rs.900 and Rs. 954 respectively. The sum of money is:
A) Rs. 3700
B) Rs. 3650
C) Rs. 3850
D) Rs. 3750
Correct Answer:
D) Rs. 3750
Description for Correct answer:
SI for 2 years = Rs. 900
SI for 1 year =9002 = Rs.450
CI for 2 years = Rs.954
Difference between CI for SI =(954−900)=Rs. 54
Required Rate % =54450×100=12
Required sum=45012×100
= Rs. 3750
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