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.
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Answer 1

Answer:

If the interest rate Compounded half yearly, then r = 8/2 = 4 and t = 2*2 = 4, p = 2500 ... Hence diff between two interests = 424.65 - 400 = 24.65 ... Sum = 16 X 100 X 100/ 64 = Rs2500.

Answer 2

Answer:

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Step-by-step explanation:

Here, r = 8, t = 2 and sum be p

Now SI = prt/100 = p.8.2/100 = 4p/25.

CI = A - P

= P(1+r/100)^t - p

= P[(1+8/100)^2 - 1]

= P[(27/25)^2 -1]

= P[729/625 -1]

= p * 104/625

Now, CI - SI = 16

Or, 104p/625 - 4p/25 = 16

Or, 4p/625 = 16

Or, p = 2500