Question

The difference between the compound interest and the simple interest on a certain sum of money for 2 years at 11% per annum is Rs. 363. Find the sum.

1.33,000
2.31,000
3.30,000
4.32,000​

Answer 1

`\huge\mathrm{\underline{\underline{Answer}}}`

★ Given :-

• Difference between the CI and SI = ₹363

• Years = 2 years

• Rate of interest = 11% pa

★ Notations :-

• p is principal

• r is the rate of interest

• t is the time period

★ Formula :-

• Difference between the compound interest and simple interest =

• p(1+(r/100))^t - p - (p×r×t)/100 = 363

★ To find :-

• Let the sum be :- p

★ Solution :-

• p(1+(r/100))^t - p - (p×r×t)/100 = 363

• p( (1+11/100)^2 - 1 - 11×2/100 ) = 363

• p( (111/100)^2 - 1 - 22/100 ) = 363

• p ( 12321 / 10000 - 1 - 22 / 100 ) = 363

• p ( (1.2321 - 1.22 ) = 363

• p ( 0.0121 ) = 363

• p = 363 / 0.0121

• p = 3630000 / 121

• p = ₹ 30,000

Ans:-The sum is ₹30,000