Question
A person deposited a sum at 7% simple interest per annum
for 3 years. The interest he earned is Rs. 180 more than the compound interest he would have earned on Rs. 3000 at 9% p.a. for 2 years, compounded annually. What is the principal he deposited on simple interest?Solution
ATQ,
Compound interest earned = 3000 × [(1.09)² – 1] = Rs. 567.9 Let the principal amount deposited on simple interest be Rs. ‘x’. (x × 7 × 3)/100 = 567.9 + 180 0.21x = 747.9, x = Rs. 3561.43 So, the principal amount deposited on simple interest = Rs.3561.43
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