The compound interest on a certain sum at a certain rate percent per annum for the second year and then third year are Rs. 3300 and Rs. 3630, respectively. The sum is:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Rs. 30000.
Let the Principal be P.
Compound Interest for 3 years = Rs. 3630
CI for 2 years = Rs. 3300
Interest rate = [(CI3year - CI2year)/CI2year] × 100
Interest rate = [(3630 - 3300)/3300] × 100 = 10%
CI for first year = 3300 × 100/110 = 3000
ATQ -
10 % of P = 3000
P × 1/10 = 3000
P = Rs. 30000