Question

on what sum of money does the different between the simple interest and compound interest in 2 years at 5% per annum is 15​

Answer 1

Answer:

Let the amount be p

SI=p×0.05×2=p×0.1

CI=p(1+0.05)^2-p=p(1.05)^2-p

It is given

CI-SI=15

p(1.05)^2-p-p×0.1=15

p{1.05^2-0.9}=15

p=15/(1.05^2-0.9)=15/0.2025=74