Compound Interest Ques 12
Question
The difference between the simple interest on a certain sum at the rate of 10% per annum for 2 yr and compound interest which is compounded every 6 months is Rs. 124.05. What is the principal sum?
(1) Rs. 10000
(2) Rs. 6000
(3) Rs. 12000
(4) Rs. 8000
(5) None of these
(SBI (PO) 2000)
Show Answer
Correct Answer: (4)
Solution: (4)
Let the sum of money be Rs. x.
According to the question,
$ ( x{{( 1+\frac{5}{100} )}^{4}}-x )-( \frac{x\times 20}{100} )=124.05 $
$ \Rightarrow $ $ x{{( \frac{21}{20} )}^{4}}-x-\frac{x}{5}=124.05 $
$ \Rightarrow $ $ x( \frac{441\times 441}{16\times 10^{4}} )-\frac{6x}{5}=124.05 $
$ \Rightarrow $ $ x( \frac{194481-192000}{160000} )=124.05 $
$ \Rightarrow $ $ x=\frac{124.05\times 160000}{2481} $
$ \Rightarrow $ $ x=Rs.8000 $
BETA
