Rajeev borrowed a certain sum of money for two years from a company at 10% simple interest. He lent this money to a friend at the same rate and for the same period of time atC.I. Then he earned a profit of rs 10 in interest . Find the sum.
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Answer:
1000
Step-by-step explanation:
since rate of interest = 10% per annum
time = 2 years
let borrowed money be P
earning = C I - S I
=> 10 = [P(1+10/100)² - P] - P×10×2/100
=> 10 = P[ 121/100-1-1/5]
=> 10×100 = (121-100-20)P
=> P = 1000
therefore sum of money = 1000
hope this helps you
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