On what sum of money does the difference between the simple interest and compound interest in 2 years at 5 %per annum is $15
Answers
Answered by
9
Let sum is P
For 2 years
Simple interest = 2*P*5/100= P/10
Compound interest = P(1+5/100l^2 - P
= 441P/400 - P = 41P/400
So 41P/400 - P/10 = 15
=> P/400 = 15
=> P = 6000
Sum = $6,000
For 2 years
Simple interest = 2*P*5/100= P/10
Compound interest = P(1+5/100l^2 - P
= 441P/400 - P = 41P/400
So 41P/400 - P/10 = 15
=> P/400 = 15
=> P = 6000
Sum = $6,000
Similar questions