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Question
The compound interest on a certain sum of money at 10% p.a. for 3 years is Rs 4,965. What will be the simple interest on the same sum for 3 years at 11% p.a.?
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Solution
P =x ; t = 3 years; r = 10 % A=Rs (x + 4965)
`"A" = "P" (1 + "r"/100)^"n"`
Rs ( x + 4,965) = x`(1 + 10/100)^3`
Rs (x + 4,965)= x × 1.1 × 1.1 × 1.1
Rs (x + 4, 965) = 1.331 x
0.331 x = Rs 4,965 x
= Rs 15,000
I = `("P" xx "r" xx "t")/100`
I = Rs `(15000 xx 11 xx 3)/100`
I= Rs 4, 950
Simple interest will be Rs 4,950
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