The simple interest on a certain sum of money for 4 years at 4 percent per annum exceeds the compound interest on the same sum for 3 years at 5 percent per annum by Rs. 57. Find the sum.
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Answer:
the sum us 96000
Explanation:
For ,
N=4years
R=4 %
We have S.I.=
100
PNR
=
100
P×4×4
=
100
16P
=0.16P
And on interest being compounded for 3 years and R=5 %, Amount=P(1+
100
R
)
N
=P(1+
100
5
)
3
=P×(1.05
3
)=1.157625P
So, C.I.=A−P=1.157625P−P=0.157625P
Given, S.I.−C.I=Rs228
=>0.16P−0.157625P=Rs228
=>0.002375P=Rs228
=>P=Rs96,000
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