difference between simple interest and compound interest if time = 2years rate=20% p.a. and principal is 64. the sum is
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Answer:
Let the sum be Rs.P
Time =2year
Rate=8%
S.I for 2 years=
100
P×8×2
=
25
4P
C.I for 2 years=[P(1+
100
8
)
2
]−P
⇒[P×
100
108
×
100
108
]−P
⇒
625
729P
−P=
625
104P
According to the question
⇒
625
104P
−
25
4P
=64
⇒
625
104P−100P
=64
⇒4P=64×625
⇒P=
4
64×625
=Rs.10000
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