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Question
Compound interest on a certain sum of money at 5% per annum for two years is Rs. 246. Calculate simple interest on the same sum for 3 years at 6% per annum.
Sum
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Solution
CI = Rs. 246, R = 5%, T = 2 years
CI = A - P
`246 = "P"[ 1 + 5/100 ]^2 - "P"`
`246 = "P"|(21/20)^2 - 1|`
`246 = "P"[441/400-1]`
`246 = "P"[(441-400)/400]`
`246 = "P"[41/400]`
P = `[ 246 xx 400 ]/41`
P = Rs. 2400
Now, P = Rs. 2400, R = 6%, T = 3 years
SI = `[ 2400 xx 6 xx 3]/100`
= 24 × 18
= Rs. 432
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Concept of Compound Interest - Miscellaneous Problem
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