Simple interest on Rs.3500 for 2 years at 9% interest is equal to the compound interest on a certain sum of money for the same number of years at 10% per annum. Find the sum of money.
A
Rs.3310
B
Rs.3000
C
Rs.3500
D
Rs.6300
Correct Option - D
Explaination
S.I = 3500*2*9/100 = Rs.630
C.I = P[(1+(10/100))^2] – P
= P[(1.1)^2 – 1]
= 0.21P
= 630
P = Rs.3000