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The simple interest on a certain sum of money for 3 yrs is

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The simple interest on a certain sum of money for 3 yrs is [#permalink] New post 03 Mar 2004, 17:22
The simple interest on a certain sum of money for 3 yrs is $225 and the compound interest on the same sum at the same rate for 2yrs is $153. What is the principal invested?

$
1500
2250
3000
1875
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 [#permalink] New post 03 Mar 2004, 17:32
Sunni,

Another good question!
Keep up buddy!!

Ans: 1875

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 [#permalink] New post 03 Mar 2004, 20:30
Agree with answer

We know that interest per year is 75$. When rates are compounded 2 years, the extra 3$ interest over 75$ will give you the given interest rate.
3/75 = 1/25 = 4%
75 = X*4/100
Solve for X and answer is 1875$
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  [#permalink] 03 Mar 2004, 20:30
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