The simple intrest on a certain sum of money for 3 years is 225 and the compound intrest on the same sum at the same rate for 2 years is 153 . Find the rate and principal.
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Interest per year is Rs.75 (225/3).
When rates are compounded 2 years, the extra Rs. 3 interest over Rs. 75 will give you the given interest rate.
3/75 = 1/25 = 4%
Let principal invested is X
75 = X*4/100
X = Rs. 1875
When rates are compounded 2 years, the extra Rs. 3 interest over Rs. 75 will give you the given interest rate.
3/75 = 1/25 = 4%
Let principal invested is X
75 = X*4/100
X = Rs. 1875
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