The compound interest on a sum of money for 2 years is rs 615 and the simple interest for the same p...........

Quantitative Aptitude ( CCS) Compound Interest

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. What is the principal?

Rs. 6000

Rs. 5200

Rs. 6600

None of these

Simple interest for two years = 600

Compound Interest for two years = 615

SI for first year = 300

SI for second year = 300

CI for first year = 300

CI for second year = 315

The additional CI of Rs 15 is interest on Rs 300 interest received in first year. So rate of interest is 15/300 x 100 = 5%.

Now, interest of Rs 300 at the end of first year @ 5% pa means principal at the beginning of the year is :

P = 300/5 x 100 = Rs 6000

Hence, option 1 is the correct answer.

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