NIFT UG 2012 Question Paper with solutions

Question : 136 of 150

Marks: +1, -0

The compound interest on a certain sum of money invested for 3 years at 5% per annum is ₹1891.50. What will be the simple interest on the same sum at the same rate for 2 years?

₹1700
₹1200
₹1500
₹2100

Validate

Solution:

Let P = 100

A=P(1+\;\;{r}/{100})^{t}

A=100(1+\;\;{5}/{100})^{3}

=100×\;\;{21}/{20}×\;\;{21}/{20}×\;\;{21}/{20}

=\;\;{9261}/{80}=₹115.76

CI=115.76-100=₹15.76

when CI ₹15.76 then P = ₹100
when CI ₹1891.50 then P

=₹100/1576×189150=₹12000

∴P=₹12000

={12000×5×2}/100=₹1200

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