Question 75
A sum of money is accumulating at compound interest at a certain rate of interest. If simple interest instead of compound were reckoned, the interest for the first two years would be diminished by ₹ 20 and that for the first three years, by 61. What is the sum?
Solution
P - sum and r- rate of interest
Simple Interest = Prt/100
Compound interest:
Amount = P(1+r/100)^n
P(r/100)^2= 40
P(r/100)^2 ×(300+r)/100 =61
On Solving, we get
P= 8000 (sum)
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