10. A sum of money is invested for 2 years at the rate of 12% per annum compounded annually. If it was invested at simple interest. the interest would be 72 less than the compound interest. Find the sum of money .
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Answer:
x=5000
Step-by-step explanation:
Let the money be x.
Given rate=12%
years=2
simple interest=x×2×12/100
=24x/100
compound interest=(12×2x/100)+(12x/100)(12/100)
=(24x/100)+(144x/10000)
(24x/100)+(144x/10000)=(24x/100)+72
((24x-24x) /100) +(144x/10000) =72
(144x/10000)=72
144x=720000
x=720000/144
=5000
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