The simple interest on a certain sum of money for 3 yr at 8 % pa is half the compound interest on ₹ 8000 for 2 yr at 10 % pa. Find the sum on which simple interest is calculated
Correct Answer: ₹ 3500
Explanation:
CI = 8000 x (1 + 10/100)2 - 8000
= 8000 x (11/10) x (11/10) - 8000
= ₹ 9680 - 8000
= ₹ 1680
∴ Sum = (840 x 100)/(3 x 8) = ₹ 3500
[ ∵ SI is half of CI ]
∴ SI = 1680/2 = ₹ 840
