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The compound interest on a sum of money for 2 years is ₹ 615 and the simple interest for the same period is ₹ 600. Find the principal.
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- ₹ 6,500
- ₹ 6,000
- ₹ 8,000
- ₹ 9,500
Correct Option: B
Given that , compound interest ( C.I. ) = ₹ 615 , simple interest ( S.I. ) = ₹ 600 , Time = 2 years
∴ C.I. – S.I. = 615 – 600 = ₹ 15
| S.I. for 1 year = | = ₹ 300 | |
| 2 |
∴ S.I. for 1 year on ₹ 300 = ₹ 15
| ∴ Rate = | = 5% | |
| 300 × 1 |
As we know that ,
| ∴ | = 600 | |
| 100 |
| ⇒ P × | = 600 | |
| 100 |
⇒ P = 600 × 10 = ₹ 6000
