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If the simple interest on a certain sum at 3% per annum for 2 years and for 3 years differ by 396. Find the amount of principal.
1. Rs. 12300
2. Rs. 13200
3. Rs. 124500
4. Rs. 15600

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Correct Answer - Option 2 : Rs. 13200

Given

Simple interest for 3 years - simple interest for 2 years = Rs. 396

Rate = 3%

Formula used

Simple interest = (p × r × t)/100

Where p, r and t are principal, rate and time respectively

Calculation

Interest for 1 year = 396

⇒ 396 = (P × 3 × 1)/100

⇒ (396 × 100)/3 = P

⇒ 13200 = P

∴ Principal is Rs. 13,200

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