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The difference between CI and SI on a certain sum of money at 10% per annum for 3 years is Rs. 620. Find the principal if the interest is compounded annually.
The difference between CI and SI on a certain sum of money at 10% per annum for 3 years is Rs. 620. Find the principal if the interest is compounded annually.
1). Rs. 25000
2). Rs. 15000
3). Rs. 27500
4). Rs. 20000
1). Rs. 25000
2). Rs. 15000
3). Rs. 27500
4). Rs. 20000
This Question has 1 answers.
Suppose principal is Rs. P
r = 10%, t = 3 years and [CI – SI] = Rs. 620
⇒ 620 = P[1 + 10/100]3 – P – [P × 10 × 3]/100
⇒ 620 = 1.331P – P – 0.3P
⇒ 0.031P = 620
⇒ P = 20000
∴ Principal = Rs. 20000Similar Questions
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