Question
Download Solution PDFSimple interest and compound interest on a principal at a certain rate of interest for 2 years is Rs. 15000 and Rs. 18000 respectively. What is the principal?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple Interest (SI) for 2 years = 15000
Compound Interest (CI) for 2 years = 18000
Time (t) = 2 years
Formula Used:
SI = (P × r × t) / 100
Amount after 2 years (CI) = P × (1 + r/100)2
Calculations:
SI for 1 year = 15000 / 2 = 7500
CI - SI for 2nd year = CI for 2 years - SI for 2 years = 18000 - 15000 = 3000
Interest on SI of 1st year = 3000
Rate (r) = (3000 / 7500) × 100 = 40%
Using SI formula:
15000 = (P × 40 × 2) / 100
⇒ P = (15000 × 100) / 80
⇒ P = 18750
∴ The principal is Rs. 18750.
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