Question
The difference between C.I and S.I for 2 years at 10% per annum is Rs 50. Find the sum
- Rs 4000
- Rs 6000
- Rs 3000
- Rs 5000
Hint:
We are given the difference between compound interest and simple interest. It is Rs. 50. We are given the rate of interest and tenure. We are asked to find the sum, or in other words principal amount. We will use the formulas of S.I and C.I to find the answer.
The correct answer is: Rs 5000
The given values are as follows:
Difference between C.I and S.I = Rs 50
Rate of interest = 10% per annum
Tenure = 2 years
We have to find the sum. We will denote it by "P".
The formula of simple interest is 
Substituting the values we have
We will substitute the values in the formula of compound interest.
We have to value of difference of C.I and S.I
C.I - S.I = 0.21P - 0.2P
50 = (0.21 - 0.2)P
50 = 0.01P
Rearranging we get,
0.01P = 50
Multiplying both the sides by 100 we get,
P = 5000
So, the sum is Rs.5000
For such questions, we should know the formulas for simple and compound interest.
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