Question

The difference between simple interest and compound interest on a sum for 2 years at 8% when the
interest is compounded annually is 16. Then, find the sum.​

Answer 1

Answer:

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Step-by-step explanation:

For 1st year S.I =C.I.

Thus, Rs.16 is the S.I. on S.I. for 1 year, which at 8% is thus Rs.200

i.e S.I on the principal for 1 year is Rs.200

Principle = Rs.100*2008*1 = Rs.2500

Amount for 2 years, compounded half-yearly

Rs.[2500*(1+4100)4]=Rs.2924.4

 C.I = Rs.424.64

Also, S.I=Rs.(2500*8*2100)=Rs.400

 Hence, [(C.I) - (S.I)] = Rs. (424.64 - 400) = Rs.24.64