On a certain sum of money , the simple interest for 2 years is rs. 200 at the rate of 7% per annum. find the difference in
c.i. and s.i.
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Answer:
P=Rs.20,000
n=2
Let the rate be r
then
SI=
100
P×r×t
SI=
100
20000×r×2
CI=P[(1+
100
r
)
n
−1]
CI=20000[(1+
100
r
)
2
−1]
⟹CI−SI=200
⟹20000[(1+
100
r
)
2
−1−
100
2r
]=200
⟹20000[
10000
r
2
]=200
⟹r=10
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