Compound interest on a sum of money for 3 years at 5 % is ₹ 1324.05 . simple interest (In ₹) ?

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6.Interest

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The compound interest on a sum of money for $3$ years at $5 \%$ is ₹ $1324.05 .$ What is the simple interest (In ₹) ?

A

$1460$

B

$1365$

C

$1260$

D

None of these

Solution

(c) We have, $C I-S I=\frac{S I}{3}\left[\left(\frac{R}{100}\right)^{2}+3\left(\frac{R}{100}\right)\right]$

$\Rightarrow 11324.05- SI =\frac{ SI }{3}\left[\left(\frac{5}{100}\right)^{2}+3\left(\frac{5}{100}\right)\right]$

$=\frac{ SI }{3}\left[\frac{1+60}{20 \times 20}\right]=\frac{61 S I}{1200}$

$\Rightarrow\left(1+\frac{61}{1200}\right) SI =1324 \cdot 05$

$\Rightarrow \quad SI =\frac{1324.05 \times 1200}{1261}=₹ 1260$

Standard 13

Quantitative Aptitude

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