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The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000?
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The difference between C.I. and S.I. on a certain sum of money investe...
Solution:
Given,
Difference between C.I. and S.I. = ₹ 110.16
Rate of interest = 6%
Time = 3 years
Let the principal be ₹ x
The formula for Compound Interest is given as:
A = P(1 + R/100)^t
where,
A = Amount
P = Principal
R = Rate of interest
t = Time
The formula for Simple Interest is given as:
SI = PRT/100
where,
SI = Simple Interest
P = Principal
R = Rate of interest
T = Time
Calculation:
Using the above formulae, we can form two equations as follows:
C.I. = P(1 + R/100)^t - P
S.I. = PRT/100
Difference between C.I. and S.I. = C.I. - S.I.
110.16 = P(1 + 6/100)^3 - PRT/100
On substituting the given values in the above equation, we get:
110.16 = x(1 + 6/100)^3 - x(6*3)/100
On solving the above equation, we get:
x = ₹ 3,000
Therefore, the sum invested is ₹ 3,000.
Answer: (a) ₹ 3,000
Given,
Difference between C.I. and S.I. = ₹ 110.16
Rate of interest = 6%
Time = 3 years
Let the principal be ₹ x
The formula for Compound Interest is given as:
A = P(1 + R/100)^t
where,
A = Amount
P = Principal
R = Rate of interest
t = Time
The formula for Simple Interest is given as:
SI = PRT/100
where,
SI = Simple Interest
P = Principal
R = Rate of interest
T = Time
Calculation:
Using the above formulae, we can form two equations as follows:
C.I. = P(1 + R/100)^t - P
S.I. = PRT/100
Difference between C.I. and S.I. = C.I. - S.I.
110.16 = P(1 + 6/100)^3 - PRT/100
On substituting the given values in the above equation, we get:
110.16 = x(1 + 6/100)^3 - x(6*3)/100
On solving the above equation, we get:
x = ₹ 3,000
Therefore, the sum invested is ₹ 3,000.
Answer: (a) ₹ 3,000
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The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000?
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The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000?.
The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The difference between C.I. and S.I. on a certain sum of money invested for 3 years at 6% p.a. is ₹ 110.16. The sum is (a) ₹ 3,000 (b) ₹ 3,700 (c) ₹ 12,000 (d) ₹ 10,000?.
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