A sum of money lent at compound interest for 2 years at 20% per annum would fetch rs. 482 more, if the interest was payable half-yearly than if it was payable annually. The sum is:
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let the sum be = x
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Answer:
sum of money = 20000
Explanation:
Let's assume that the sum of money is P.
It is given that
interest rate,r = 20%
= 0.2
time, t = 2 years
case i: when interest is annually, n= 1
According to the formula of compound interest,
= 1.44P
case ii:when interest is half yearly, n= 2
= 1.4641P
According to question it is given that
=> 1.4641P - 1.44P = 482
=> 0.0241P = 482
=> P = 20000
Hence, the sum of money is 20000.
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