Question

The difference between simple interest and compound interest on a certain sum for 2 years at 5% per annum is Rs. 28, Find the sum

Answer 1

Answer:

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Step-by-step explanation:

Simple Interest vs. Compound Interest: An Overview. ... Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.

Answer 2

Step-by-step explanation:

Difference between SI and CI for 2 yrs =

$si - ci= p ({ \frac{r}{100} })^{2}$

where, p is principal

r is rate of interest

$28 = p( \frac{25}{10000} )$

$p = 28 \times 400 = 11200$