(i) The difference between simple interest and compound interest for 2 years of a
sum of money becomes Rs. 80 at 4% interest per annum. Calculate the sum of money.
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Answer:
The sum is ₹50,000
step-by-step explanation :
Simple interest : prt/100
→ p × 4 × 2/100
→ 2p/25
Compound interest :
→ Amount - principal
→ p(1 + r/100)ⁿ - p
→ p(1 + 4/100)² - p
→ p(1 + 1/25)² - p
→ p(26/25)² - p
→ 676p/625 - p
→ 51p/625
Given :
→ S. I. - C. I. = 80
→ 51p/625 - 2p/25 = 80
→ 51p - 50p/625 = 80
→ p/625 = 80
→ p = 80*625
→ p = ₹50,000
Required answer : ₹50,000
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