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