Multiple choice

The difference between CI and SI for 3 years is $992$.If the rate of Interest is $10\%$ Find the Principle?

  1. $22000$
  2. $30000$
  3. $28000$
  4. $32000$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

For 3 years, the difference between CI and SI is given by P * (r/100)^2 * (3 + r/100). Substituting r = 10, we get 992 = P * (0.1)^2 * (3.1) = P * 0.01 * 3.1 = P * 0.031. Solving for P gives 992 / 0.031 = 32000.

AI explanation

The difference between compound interest and simple interest for three years is calculated using the formula P multiplied by R squared multiplied by (300 + R) divided by 100 cubed. Substituting the given difference of 992 and a rate of 10%, we set up the equation P multiplied by 100 multiplied by 310 divided by 1000000 equals 992. Solving this equation, we find P multiplied by 0.031 equals 992, which results in a principal of Rs. 32000.

Keep practicing — related questions