The difference between simple interest and compound interest on a certain sum for 2 years at
5% is 500. Find the sum.
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Answer:
sum is ₹1612.90
Step-by-step explanation:
let the sum be rs x
according to question:
x(1+5/100)^2=x(105/100^2
CI=x(105/100)^2 - x
=x{(105/100)^2-1}
=x{(21/20)^2 - 1}
=x{441/400-1}
=x{41/400}
=41x/400
SI=P×R×T/100
=x×5×2/100
=x/10
given that difference between CI and SI is ₹500
=>41x/100 - x/10=500
=>31x/100=500
=>31x=100×500
=>x=50000/31
x=₹1612.90
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