Compound interest earned after 2 years is Rs.3200 and simple interest earned after 3 years is Rs.4200 on a certain sum of money at a certain rate of interest. Find the sum.
Answer & explanation
Correct answer: option 1
S.I. of 3 years = Rs.4200
S.I. of 1 year = Rs.1400
ATQ,
⇒ R = \(\frac{400}{1400}\) = \(\frac{2}{7}\)
⇒ Principal × \(\frac{2}{7}\) = 1400
⇒ Principal = 1400 × \(\frac{7}{2}\) = Rs.4900/-