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A same principal is invested in schemes of compound interest and simple interest. The interest obtained in compound interest and simple interest schemes for two years are Rs. 630 and Rs. 600 respectively. If the rate of interest is 10%, then what is the principal (in Rs.) of each scheme?

A same principal is invested in schemes of compound interest and simple interest. The interest obtained in compound interest and simple interest schemes for two years are Rs. 630 and Rs. 600 respectively. If the rate of interest is 10%, then what is the principal (in Rs.) of each scheme? Correct Answer 3000

Simple interest = (P × r × t)/100

P = Principal

t = Time period

r = Rate of interest

Given,

t = 2 years

r = 10%

Simple Interest = Rs. 600

600 = (P × 2 × 10)/100

⇒ P = 3000

Compound Interest =

Where,

CI = Compound interest

P = Principal

r = Rate of interest

t = Time period

Given,

t = 2 years

r = 10%

Compound Interest = Rs. 660

630 =

630 = 21P/100

P = 3000

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