If the difference between the compound interest and simple interest on a curtain sum of money at 10% per annum for two years is Rs 500. Find the sum when the interest is compounded annually.
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500=p ((1+10÷100)(1+10÷100)-1-2×10÷100)
500=p ((121÷100)-100÷100-20÷100)
500=p×1÷100
p=500×100
p=50000
500=p ((121÷100)-100÷100-20÷100)
500=p×1÷100
p=500×100
p=50000
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