Question
For the same principal amount, the compound interest for two years at 5% per annum exceeds the simple interest for three years at 3% per annum by Rs 1125. Then the principal amount in rupees is
Option: 90000
Solution:
Solution:
Let the principal be P.
Given \(\left( {P \times {{\left( {1 + \frac{5}{{100}}} \right)}^2} - P} \right) - \left( {\frac{{P \times 3 \times 3}}{{100}}} \right) = 1125\)
\( \Rightarrow P(0.1025 - 0.09) = 1125\)
\( \Rightarrow P = 90,000\)
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