Question
Download Solution PDFThe difference between simple interest and compound interest of certain amount at the interest rate of 10% in 3 years is Rs. 93. What is that amount?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven Data:
Interest rate = 10% per annum
Time period = 3 years
The difference between compound interest and simple interest = Rs. 93.
Concept or Formula:
For a time period of 3 years, the difference (D) between Compound Interest (CI) and Simple Interest (SI) is calculated by the formula D = P(R/100)2 × (R/100 + 3) where P is the principal, and R is the rate of interest.
Solution:
We need to find P.
Given, the difference (D) between compound and simple interest is Rs. 93,
D = P(R/100)2 × (R/100 + 3), and substituting D = 93, R = 10 we get,
⇒ 93 = P * (10/100)2 × (10/100 + 3)
After simplifying the equation and solving for P, we get
⇒ P = 93 / ( (10/100)^2 * (10/100 + 3) ) = Rs. 3000
Therefore, the correct answer is Rs. 3000.
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