1. The difference between the compound interest and the simple interest accrued on an amount of 1,80,000 in 2 years is 500. Find the sum.
Solution:
[180000*(1 + R/100)2 – 180000] – [1800*R*2/100] = 500
By solving the above equation, we get
R = 16.6%.
2. A invested an amount of 5000 in a fixed deposit scheme for 3 years at C.I. rate 6% p.a. How much amount will A get on maturity of the fixed deposit?
Solution:
5000*(1 + 6/100)3 = 5000*(106/100)3
= 148877/25
= 5955 approximately.
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