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Question
The simple interest on a certain sum in 2 years is Rs 1,300, whereas the compound interest on the same sum at the same rate and for the same time is Rs 1,365. Find the rate per cent and the sum.
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Solution
The extra interest earned = C. I. - S. I. = Rs ( 1,365 - 1,300) = Rs 65.
The interest for the first year = S. I. for 2 years/ 2 =Rs `1300/2` = Rs 650
Therefore, the rate of interest = `65/650 xx 100 = 10 %`
Now ,
S.I. = `("P" xx "r" xx "t")/100`
⇒ Rs 1300 = `("P" xx 10 xx 2)/100`
⇒ p = Rs 1300 x 5
⇒ P = Rs 6500
The rate of interest was 10 % and the original sum was Rs 6,500.
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