The compound interest on the sum of money at 8 percent per annum for 2years is more than the simple interest on the same sum at the same rate for the same time by Rs. 76.80. find the sum
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Let the principal be x,
rate =8%
time=2 years
CI for 1st year =x×8×1/100
=8x/100
Amount = 8x/100+x=108x/100
CI for 2nd year=108x×8×1/100×100
=864x/10000
CI =864x/10000+8x/100
=1664x/10000
SI=x×8×2/100
=16x/100
Difference between CI and SI =76.80
SO,
1664x/10000-16x/100=76.80
64x/10000=76.80
x=76.80×10000/64
x= 12000 rupees
Principal =12000
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