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The compound and the simple interests on a certain sum at the same rate of interest for two years are Rs.11730 and Rs.10200 respectively. Find the sum.

Correct answer: B. Rs.17000

  • A. Rs.18000
  • B. Rs.17000
  • C. Rs.18500
  • D. Rs.17500
  • E. None of these.

Explanation

For two years, compound interest minus simple interest equals P x r^2. Here the difference is Rs. 11,730 - Rs. 10,200 = Rs. 1,530, while simple interest gives P x 2r = Rs. 10,200. Dividing P x r^2 by P x 2r gives r/2 = 1,530/10,200, so r = 30% and P = Rs. 10,200/(2 x 0.30) = Rs. 17,000. Option a, Rs. 18,000, comes from failing to use the difference between compound and simple interest.

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