the compound interest on a principal for period of 2years @ 5% p.a is rs 10 more than the simple interest at the same rate and term. find the principal?
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Answer:
The simple interest on that sum at the same rate is rupees 320.
Step-by-step explanation:
Let the principal be x.
Rate of interest = 5%=0.05
Time = 2 years
Formula for amount:
The compound interest on a certain sum at 5% p.a. for 2 year is 328.
The value of sum is 3200.
Formula for simple interest is
Therefore the simple interest on that sum at the same rate is rupees 320.
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