Question 32

If the compound interest on a certain sum at 10% per annum for 3 years is ₹33,100, find the simple interest on the same sum at the same rate and for the same period ?

Solution

Let us say the sum is X.

Compound interest at 10% for three years will be, $$((1.1)^{3}-1)X$$=$$0.331X$$

We are told, 0.331X=33100, X=100000

Simple interest on the same sum will be (100000)((10/100)(3))=30,000.

Hence, the answer is 30,000.

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