The simple interest and compound interest on a certain sum of money with a given rate for a period o...........

Quantitative Aptitude ( CCS) Compound Interest

The simple interest and compound interest on a certain sum of money with a given rate for a period of 2 years are Rs. 900 and Rs. 954 respectively. The sum of money is

Rs. 3700

Rs. 3650

Rs. 3850

Rs. 3750

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Explanation:

SI for 2 years = Rs. 900
SI for 1 year = 900/2 = Rs. 450
CI for 2 years = Rs. 954
Difference between CI for SI = (954 - 900) = Rs. 54
Required Rate% = 54/450 × 100 = 12%
Required sum = 450/12 × 100
= Rs. 3750