Question : The compound interest on a sum of money for 2 years is Rs. 615 and the simple interest for the same period is Rs. 600. Find the principal.
Option 1: Rs. 6500
Option 2: Rs. 6000
Option 3: Rs. 8000
Option 4: Rs. 9500
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Correct Answer: Rs. 6000
Solution :
Given:
Time: 2 years
Compound interest: Rs. 615
Simple interest on the same amount and period = Rs. 600
So, SI for the first year = $\frac{600}{2}$ = Rs. 300
SI for the second year = Rs. 300
CI for the first year = Rs. 300
CI for the second year = Rs. 315
Rs. 15 is the interest on Rs. 300 received as interest in the first year.
So, the rate = $\frac{15}{300}$×100 = 5%
According to the question,
$\frac{P\times R \times T}{100}=600$
⇒ $P \times \frac{5\times 2}{100}=600$
$\therefore P=600\times 10 = 6000$
Hence, the correct answer is Rs. 6000.
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