The difference between compound and simple interest on a principal for 3 years at 6 2/3% p.a. is Rs. 184. Find the sum.
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Answer: D. Rs.13500
Explanation
The fractional rate of six and two thirds percent simplifies to one fifteenth for calculations. The three year interest difference formula incorporates the principal and the fractional rate. Solving the resulting cubic relationship determines the original principal sum as thirteen thousand five hundred. Three year compound and simple interest differences involve more complex polynomial formulas than two years. Converting percentages to simplified fractions simplifies manual calculation of complex financial problems. Algebraic expansion of interest formulas enables precise calculation of unknown principal investments.
Long term financial contracts require accurate modeling of compounding effects over multiple years. Auditors use multi year interest formulas to verify the accuracy of commercial loan amortization schedules. Advanced financial mathematics bridges theoretical economics and practical banking operations. Option a underestimates the required principal sum by fifteen hundred currency units. Option b proposes an intermediate value that does not satisfy the three year interest formula. Option c overestimates the principal amount due to a minor calculation error in the formula.
- Subject
- Mathematics
- Category
- Mathematics
- Topic
- —
- Difficulty
- medium
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