nanu borrowed a certain sum at the rate of 10% p.a.if she paid compound interest rs.1290 at the end of two years compounded annually find the sum of money borrowed by her.
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Step-by-step explanation:
We know, compound interest = Amount − Principal
Therefore, 3200=P(1+
100
10
)
2
−P
⇒3200=P(1.1)
2
−P
⇒1320=1.21P−P
⇒P=
0.21
3200
⇒P= Rs. 15238
Simple interest =
100
PRT
⇒12000=
100
P×10×2
⇒P=
20
1000×100
⇒P= Rs. 60,000
Sum of the principal =15238+60000= Rs. 75238
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