If the compound interest on a sum for 3 years at 10 % per annum is Rs. 165, the simple interest on the same sum at the same rate for the same period of time is:Choose the best optionClear Response120105205155
Question
If the compound interest on a sum for 3 years at 10 % per annum is Rs. 165, the simple interest on the same sum at the same rate for the same period of time is:Choose the best optionClear Response120105205155
Solution
The simple interest can be calculated using the formula:
Simple Interest = (Principal * Rate * Time) / 100
Given that the compound interest for 3 years is Rs. 165, we can infer that the simple interest for the first two years would be Rs. 110 (since compound interest for the first two years is the same as simple interest).
Therefore, the simple interest for the third year would be Rs. 55 (since the compound interest for the third year is the interest on the principal plus the interest of the first two years).
So, the total simple interest for 3 years would be Rs. 110 + Rs. 55 = Rs. 165.
Therefore, the simple interest on the sum for 3 years at 10% per annum is Rs. 165.
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