On a certain sum of money, CI earned after 2 years is Rs. 4494 and SI earned after 3 year is 6300. Find principal if rate of interest is same.
Answer & explanation
Correct answer: option 1
SI for 1 year = \(\frac{6300}{3}\) = 2100, so SI for 2 year= 4200
Difference b/w CI and SI = 4494 - 4200 = 294
Rate = \(\frac{294}{2100}\) × 100 = 14%
14% of Principal = 2100
100% of Principal = \(\frac{2100}{14}\) × 100 = 15000