Question

Question :
A sum of money is put on CI for 2 years at 20%. It would fetch Rs 482 more if the interest is payable half yearly than if it were payable yearly. Find the sum.​

Answer 1

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Let the Principal = Rs 100

When compounded annually,

A = 100 [1+20/100]2

When compounded half yearly,

A = 100[1+10/100]4

Difference, 146.41 - 144 = 2.41

If difference is 2.41, then Principal = Rs 100

If difference is 482, then Principal = 100/2.41 × 482

P = Rs 20000.

Answer 2

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Let the Principal = Rs 100

When compounded annually,

A = 100 [1+20/100]2

When compounded half yearly,

A = 100[1+10/100]4

Difference, 146.41 - 144 = 2.41

If difference is 2.41, then Principal = Rs 100

If difference is 482, then Principal = 100/2.41 × 482

P = Rs 20000.