Question 63

The compound interest on a certain sum of money at 21% for 2 years is ₹6,961.5. Its simple interest (in ₹) at the same rate and for the same period is:

Solution

let the sum be as Rs.P. then,

[P(1+ $$\frac{21}{100}$$) −P]=6961.5

P[($$\frac{121}{100}$$) -1]=6961.5

P( $$\frac{14641}{10000}$$-1)=6961.5

P( $$\frac{4641}{10000}$$)=6961.5

P= $$\frac{6961.5*10000}{4641}$$

P=15000

so, SI= $$\frac{P*R*T}{100}$$= $$\frac{15000*21*2}{100}$$=6300 rs.

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