Question
Download Solution PDFThe compound interest on a certain sum for 3 years at the rate of 10 percent per annum is Rs. 3310. What will be the simple interest on the same sum for 6 years of the same rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Compound Interest (CI) for 3 years at 10% = ₹3310
We need: Simple Interest (SI) for 6 years at 10% on same principal
Formula used:
CI = P × [(1 + R/100)t - 1]
SI = (P × R × T) / 100
Calculation:
Let principal = P
⇒ 3310 = P × [(1 + 10/100)3 - 1]
⇒ 3310 = P × [(1.1)3 - 1] = P × [1.331 - 1] = P × 0.331
⇒ P = 3310 / 0.331 = 10000
Now, SI for 6 years at 10%:
⇒ SI = (10000 × 10 × 6) / 100 = 6000
∴ Simple Interest = ₹6000
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