Question
Download Solution PDFIf the difference between the simple interest and the compound interest on a certain sum of money for 3 years at the rate of 5% per annum is Rs. 122, then the sum is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The difference between Simple Interest (SI) and Compound Interest (CI) for 3 years = ₹122
Rate of Interest (r) = 5% per annum
Time (t) = 3 years
Formula used:
Difference between CI and SI for 3 years = P × (r/100)2 × (3 + r/100)
Where P = Principal
Calculation:
122 = P × (5/100)2 × (3 + 5/100)
⇒ 122 = P × (25/10000) × (3 + 0.05)
⇒ 122 = P × (25/10000) × 3.05
⇒ 122 = P × (76.25/10000)
⇒ P = (122 × 10000) / 76.25
⇒ P = ₹16,000
∴ The correct answer is option (1).
Last updated on Jul 15, 2025
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