the difference between simple interest and compound interest on a certain amount of money for 4 years is 10% per annum is Rs.320.50. the sum of money is?
Answers
answer is hsissnsnxjsidjdsjsj
Step-by-step explanation:
Let the sum of money be P.
R= rate of interest = 10 %
n = number of years= 2 years
Formula of calculating Simple Interest = P x R x n / 100 = P x 10 x 4 / 100 = 0.40 P
Amount = A = P (1 + R/100)ⁿ, where P is the principal, R is the rate of interest per unit time period and n is the time period.
Compound Interest= CI = Amount – Principal
A – P = P (1 + R/100)ⁿ– P
= P (1 + 10/100)4– P
= P(1+1/10)4-P
= P(11/10*11/10*11/10*11/10)-P
= P14641/10000-P
= (P14641-P10000)/10000
=P4641/10000
= .46P
As per the question CI – SI = Rs 320.50
=> 0.46 P – 0.40 P = 320.5
=> 0.06 P = 320.5
=> P = 320.5/.06
=> P = 5341.67
Therefore the sum of money is Rs. 5341.67.
Hope this helps.
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