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The Compound interest earned on Rs. x in 3rd year is equal to the simple interest of 1 year on Rs. 33880. If the rate of compound interest is 10% per annum and the rate of simple interest is 25% per annum. Find the value of Rs x which was given on Compound Interest.

The Compound interest earned on Rs. x in 3rd year is equal to the simple interest of 1 year on Rs. 33880. If the rate of compound interest is 10% per annum and the rate of simple interest is 25% per annum. Find the value of Rs x which was given on Compound Interest. Correct Answer Rs. 70000

Simple interest on Rs. 33880 at the rate of 25% for 1 year = (33880 × 25 × 1) /100 = Rs. 8470

Rate of Compound interest = 10%

Assume Rs. x = 1000

The chart for compound interest on Rs. 1000 for 3 years at the rate of 10% per annum will be as

 

                                      Rs. 1000 (Principal)

1st year                          2nd year                     3rd year

Rs. 100                          Rs. 100                      Rs. 100

                                      Rs. 10                        Rs. 10

                                                                        Rs. 10

                                                                        Rs. 1

Compound interest for 3rd year = Rs. 100 + Rs. 10 + Rs. 10 + Rs. 1 = Rs. 121

But the compound interest is = Rs. 8470 (given)

⇒ 121y = 8470

⇒ y = 70

∴ The amount given on Compound interest = Rs. 1000 × 70 = Rs. 70000

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