What is the sum?

If the difference between simple interest and compound interest on a certain sum of money for 3 yrs at 10% p.a. is Rs. 15.50.The sum is:

  1. Rs. 100
  2. RS. 500
  3. Rs. 1500
  4. Rs. 2000
Anurag Mishra Professor Asked on 3rd March 2016 in Maths.
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1 Answer(s)

Answer: (4) Rs. 2000

Explanation:-
Let the sum to be found be X
Rate of interest (r)= 5%  p.a.
Time(t) = 3 yrs
C.I – S.I = ₹ 15.25
X[(1+r/100)^3 -1-(5 x 3)/100]=₹15.25

Putting the values of r and t in the above expression and solving it, we get:
X= ₹15.25 x (8000/61)
Thus, X = ₹2000.

Hence, the correct answer is option (4) Rs. 2000

Anurag Mishra Professor Answered on 4th March 2016.
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