Question

Mahi borrowed a certain sum for 2 years at simple interest from Priti Mahil and disum to Ratna at same rate for 2 years compounded annually at the end of 2 years Mahi received rupees 205 as compound interest but paid rupees 200 as simple interest find the sum and rate of interest

Answer 1

Amount = 2000  & Rate of interest = 5 %

Step-by-step explanation:

Sum = P

Rate of interest = R

Time  = 2 Years

Simple interest = P * R * T /100

=> 200 = P * R * 2/100

=> PR = 10000

Compound interest =  P(1 + R/100)² - P

=> 205 = P(1  + R²/10000  + 2R/100) - P

=> 205 = PR²/10000 + PR/50

=> 205 = 10000R/10000 + 10000/50

=> 205 = R + 200

=> R = 5

PR = 10000

=> 5P = 10000

=> P = 2000

Amount = 2000

Rate of interest = 5 %

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