Question

Ravi borrowed a certain sum of money from John at a rate of 10%pa simple interest for
2 years and lent it to Anzy at the same rate compounded annually for the same period
of time. Ravi made a profit of `55 during this transaction. Find the sum borrowed by
Ravi.

Answer 1

Answer:

P=x

R=10% pa

T= 2 years

Amt(SI) =P(1+RT/100)

=x(1+20/100) = (120/100)x

Amt(CI) = P(1+R/100)T

=x(1+ 10/100)2 = x(110/100)2 = x(11/10)2 = (121/100)x

Diff Amt(CI) and Amt(SI)  = Rs 10

(121/100)x - (120/100)x = 10

x/100  = 10

x = 1000

P = Rs 1000

Answer 2

Rs.100
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