The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 12% per annum is rs 72. what is the value of given sum (in rs)?
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C.I for 2 years = P[(1 + r/100)]^2 - P
S.I for 2 years = PR*2/100
C.I - S.I = 72
72 = P[(1 + 12/100)^2] - P - P*12*2/100
72 = P[(112/100)^2] - P - P*24/100
72 = P[(28/25)^2] - P - 6*P/25
72= P{[784/625 - 1 - 6/25]}
72 = P[784-625-150/625]
72 = P[9/625]
P = 5000 Rs.
S.I for 2 years = PR*2/100
C.I - S.I = 72
72 = P[(1 + 12/100)^2] - P - P*12*2/100
72 = P[(112/100)^2] - P - P*24/100
72 = P[(28/25)^2] - P - 6*P/25
72= P{[784/625 - 1 - 6/25]}
72 = P[784-625-150/625]
72 = P[9/625]
P = 5000 Rs.
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