Question

The difference between simple interest and compound interest on a certain sum is rs54.40 for 2 years at 8 percent per annum.find the sum

Answer 1

let the p be x
t= 2yrs
r=8%
si= p×r×t/100
= x×8×2/100
=16x/100
if interest is compounded annually then
A= p×(1+r/100)^n
= x×(1+8/100)^2
x×108/100×108/100
=11664x/10000
ci =A-P
= 11664x/10000-x
=1664x/1000
diff in ci and si
=ci-si
=1664x/10000- 16x/100
=( 1664-1600)x/10000
64x/10000= 54.40
64x= 54.4×10000
64x= 544000
x= 544000/64
=8500ans

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