Anil borrowed a certain sum from sunil for 2 years at simple interest.Anil lent this sum to mohit at the same rate for 2 years at compound interest .At the end of 2 years.Anil received ₹110 as compound interest but paid ₹ 100 as simple interest.Find the sum and rate of interest
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Answer:
Step-by-step explanation:
For first year, SI and CI will be same
SI for 2 years = ₹ 100
SI for 1st year = ₹ 50
CI for 1st year = ₹ 50
CI for 2 years = ₹ 110
CI for 2nd year = ₹ 110 - ₹50 = ₹60
It means SI on ₹50 on R% for one year is ₹10
10=50×R×1 /100
R= 10×100 /50 = 20%
Now
SI =PRT/100
100 = P×20×2 /100
P= 100×100 /20×2 = 10000/40 = ₹250
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