a person lent out 16000 on simple interest and the same sum on compound interest for 2 years at 12 1 upon 2% per annum find the ratio of amount received by him and interest after 2 years
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A
11363
Compound interest =A−P
CI=P(1+100R)n−P=P[1+10013]3−1]
CI=0.4428
Simple interest, SI = 100PNR
SI =100P×13×3
SI =0.39P
Now CI − SI =600
⇒0.4428P−0.39P=600
⇒P=0.0528600
⇒P= Rs. 11363
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