Question
Download Solution PDFIf the difference between the compound interest and simple interest on a sum for 3 years at the rate of 5% per annum is Rs. 190.625, find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate = 5% per annum
Difference between C.I and S.I for 3 years = Rs. 190.625
Formula used:
Difference for 3 years =
Calculation:
⇒ P = Rs. (190.625 × 400 × 100)/305
⇒ P = Rs. 25,000
∴ The sum is Rs. 25,000
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