Maths · Arithmetic and Geometric progressions
The difference between the C.I. and S.I. on a sum of money deposited for 4 years
The difference between the C.I. and S.I. on a sum of money deposited for 4 years at \( 5 \% \) per annum was Rs. \( 15 . \) Find the sum of the money.
- A. 667 .74
- B. 767.74
- C. 867.74
- D. 967.74
Step-by-step solution
Let the principal be P. SI = (P * 5 * 4)/100 = 0.2P. CI = P[(1 + 5/100)^4 - 1] = P(1.05^4 - 1) = P(1.21550625 - 1) = 0.21550625P. Difference CI - SI = 0.01550625P = 15, so P = 15 / 0.01550625 ≈ 967.74.
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