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12. The difference between compound interest and simple interest on a certain sum for 2 years @ 10% p.a. Rs. 10. Find the sum:a) Rs 1010 b) Rs.1095 c) Rs.1000 d) Rs. 990 1
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15 Questions 15 Marks 12 Mins
Given:
Rate of interest = 8%
Time period of investment = 2 years and 3 years
Difference in interest = Rs. 96
Formula used:
SI = PRT/100
Calculation:
Let the sum borrowed be Rs. x
Now, SI for 2 years = Rs. (x × 8 × 2)/100
⇒ Rs. 4x/25
Now, SI for 3 years = Rs. (x × 8 × 3)/100
⇒ Rs. 6x/25
According to the question,
(6x/25) - (4x/25) = Rs. 96
⇒ 2x/25 = Rs. 96
⇒ x/25 = Rs. 48
⇒ x = Rs. 1200
∴ The equal sum borrowed is Rs. 1200
Shortcut Trick
Calculation:
Rate of interest = 8%
Time period of investment = 2 years and 3 years
Difference in interest = Rs. 96
Difference is of 1 year, so 8% = Rs. 96
Then, 100% = Rs. (96/8) × 100
⇒ Rs. 1200
∴ The equal sum borrowed is Rs. 1200
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