Question

A sum is lent for 2 years at 8% p.a. if intrest is compounded annually, it exceeds simple interest for the same period by Rs. 6.40 . Find the sum
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Answer 1

Answer:

1000

Step-by-step explanation:

Given,

P = Rsx

T = 2 yrs

R = 8%

A.T.Q,

$CI= SI + 6.40\\or, P[(1+\frac{R}{100} )^T -1] = \frac{PTR}{100} +6.40\\or, x[(1+\frac{8}{100} )^2 -1] = \frac{x*2*8}{100} +6.40\\or, 0.1664x = 0.16x +6.40\\or, 0.1664x - 0.16x= 6.40\\or, 0.0064x = 6.40\\or, x = \frac{6.40}{0.0064} \\or, x= 1000$

∴P= 1000

∴The sum is 1000