Ramesh borrowed from Suresh certain sum for 2 years at simple interest
He lent this sum to Dinesh at the same rate for 2 vears compound interest
At the end of 2 years Ramesh received 110 as compound interest from Dinesh but paid 100 as simple interest to Suresh. Find the aum and rate of interest
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Sum = Rs 250 , Rate of interest = 20%
Step-by-step explanation:
Amount = 100P
Rate of interest = R
Simple interest in 2 Years = 100P * R * 2/100
= 2PR
2PR = 100
=> PR = 50
Compound interest = 100P(1 + R/100)² - 100P
=> 100P(1 + R²/10000 + 2R/100 - 1)
= PR²/100 + 2PR
= PR (R/100 + 2)
PR (R/100 + 2) = 110
=> 50(R/100 + 2) = 110
=> 5(R + 200)/100 = 11
=> R + 200 = 220
=> R = 20%
PR = 50
=> P * 20 = 50
=> P = 2.5
100P = 250
Sum = Rs 250
Rate of interest = 20%
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