The difference between compound and simple interest on a sum of money
deposited for 2 years at 5% per annum is Rs 12. Find the sum of money.
Answers
Answered by
1
Answer:
Rs:4,800
Step-by-step explanation:
For
N=2 year
R=5%
we have S.I=pnr/100=P×2×5/100=10P/100=0.1P
And on intrest being compund for 2
years and R= 5% Amount=
p(1+R/100)N = P(1+5/100)2=px (1.05)=1.1025P
GIVEN C.I=A-p =1.1025P-P=0.1025P
Given,C.I-S.I=Rs:12
=>0.1025-p-0.1P=Rs:12
=>0.0025P = Rs:12
=>P = Rs:4,800
Similar questions