Question 100
Find the rate of interest (in %) if simple interest earned on a certain sum for the 3 years is Rs 900 and compound interest earned in 2 years is Rs 636?
Solution
We have :
$$\frac{3PR}{100}=900$$
we get PR/100 =300 (1)
We have $$P\left(1+\left(\frac{R}{100}\right)^{^2}\right)-P\ =636$$
we get P$$P\left(\left(1+\left(\frac{R}{100}\right)\right)^{^2}-1\right)=636$$
We get P(2R/100 +(R/100)^2) =636 (2)
Dividing (2) and
we get
2+R/100 =636/300
We get R/100 = 36/300
We get R = 12
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