Question
A sum of Rs. 4000 amounts to Rs. 5324 at 10% p.a.,
interest being compounded yearly in a certain time. The simple interest earned (in Rs.) on the same sum for the same time and same rate is:Solution
Let desired time be ‘t’ years So, 4000(1 + 10/100)t = 5324 Or, (11/10)t = 5324/4000 = 1331/1000 = (11/10)3 Or, t = 3 Desired simple interest = 4000 × 0.10 × 3 = Rs. 1200
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