Question

The difference between CI and SI on a certain sum for 2 years at 7.5% p.a. is 360. Find the sum​

Answer 1

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Let X be the sum.

2 years compound Interest can be written as:

CI = X (1 + 7.5/100)^2

CI = 1.075^2 X

CI = 1.155625 X

2 years Simple Interest can be written as:

SI = X + 2 * X * 7.5/100

SI = X + 0.15 X

SI = 1.15 X — (ii)

Now, we know that,

CI - SI = 360 — (iii)

Substituting, equations (i) & (ii) in (iii), we have,

1.155625 X - 1.15 X = 360

0.005625 X = 360

X = 360/0.005625

X = 64000.

So, the sum is Rs. 64,000/-