The simple interest on a sum of money for 2 years at 8% is Rs 120 less than the simple interest on the same sum for 3 years at 12%. Find the sum.
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Step-by-step explanation:
Let the sum=P Rs.
S.I=50 Rs.
Rate of interest=5 %
Time =2 years.
S.I=
100
P×R×T
50=
100
P×5×5
P=
5×2
50×100
=500Rs.
C.I. of 500 Rs
Amount=500(1+
100
5
)
2
⇒500×
100
105
×
100
105
⇒500×
20
21
×
20
21
⇒551.25
C.I=551−500−51.25Rs.
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