Question

is the difference between the compound interest and simple interest on a certain sum of money for 2 year and 2 whole 1 by 2% per annum is 150 rupees the sum is

Answer 1

Let the sum = P

Time = 2 yrs

Rate = 5/2 %

difference between the compound interest and simple interest for 2 years = (pr^2)/100

150 = (p × 25/4)/100

150 = p× 25/400

150 = p /16

P = 150×16 = 2400

Sum = 2400

Hope it helps