Question

the compound interest on a certain sum for 2 years is rs 60.60 and the simple interest is 60.find the rate of interest per annum and the sum

Answer 1

it will be 0.60 as the difference is 60.60-60=0.6

Answer 2

Answer:

Sum = Rs 1500

Rate of interest = 2%

Step-by-step explanation:

Compound interest for two year = Rs 60.60

Simple Interest of two year = Rs 60

Simple Interest for the certain sum each year = Rs 30

So, the difference between Simple Interest and compound interest = 0.60

To find out the rate percent

30 * x/100 = 0.6

x = 6/10*10/3

x= 2%

Rate of interest = 2%

Now,

Simple interest of one year = Rs 30

P*r*t/100 = 30

P*2*1/100 = 30

P = 30*100/2

P= 3000/2

=  Rs 1500

Sum = Rs 1500