Question
Download Solution PDFIf the difference between the compound interest and simple interest on a certain sum of money for 3 years at the rate of 4% per annum is Rs. 76, then what is the sum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The difference between compound and simple interest on a certain amount of money at 4% per annum after 3 years is Rs. 76
Formula Used:
When calculated at simple interest
Interest = (p × r × t)/100
Where p, r and t respectively are the principal, rate of interest and time
When calculated at compound interest
Amount (A) = p (1 + r/100)n
Where p, r and n respectively are the principal, rate of interest and time
Compound interest = Amount – principal
Calculation:
Let the sum be Rs. 100%
Simple interest = (4% × 3) = 12%
Compounded interest
⇒ 4% + 4% + 16/100% = 8.16%
⇒ 8.16% + 4% + (8.16 × 4)/100 = 12.4864%
According to the question
⇒ 12.4864% - 12% → 76
⇒ 0.4864% → 76
⇒ 1% → 76/0.4864 = 156.25
⇒ 100% → 15625
∴ The sum is 15625
Last updated on Jul 10, 2025
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