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If the difference between the compound interest and simple interest on a sum of 5% rate of interest per annum for three years is Rs. 36.60, then the sum is = ?
Answer & Solution
Correct Answer:
Option
D
Note : In such type of questions to save your valuable time follow the given below method
Rate % = 5%
Effective Rate of CI for 3 years = 15.7625%
Effective Rate of SI for 3 years = 5 × 3 = 15%
According to the question
$$\eqalign{ & \left( {15.7625 - 15} \right)\% \,{\text{of sum}} {\text{ = Rs. 36}}{\text{.60}} \cr & {\text{0}}{\text{.7625% of sum}} {\text{ = Rs. 36}}{\text{.60}} \cr & {\text{Sum = }}\frac{{36.60}}{{0.7625}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs. }}4800 \cr} $$
Rate % = 5%
Effective Rate of CI for 3 years = 15.7625%
Effective Rate of SI for 3 years = 5 × 3 = 15%
According to the question
$$\eqalign{ & \left( {15.7625 - 15} \right)\% \,{\text{of sum}} {\text{ = Rs. 36}}{\text{.60}} \cr & {\text{0}}{\text{.7625% of sum}} {\text{ = Rs. 36}}{\text{.60}} \cr & {\text{Sum = }}\frac{{36.60}}{{0.7625}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs. }}4800 \cr} $$
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LoginUsing this formula we can find the answer
= {[1+(5/100×3)]^3}-1
= 15.7625.