Question

the difference between simple interest and compound interest on a certain sum for 2 years at 10% per annum is rs. 93 find the sum, if the intrest is compounded annually​

Answer 1

Answer:

Rs 9300

Step-by-step explanation:

simple interest = principle× rate%× time

formula of compound interest = amount - principal

where, amount = principles (1+rate%)^2

let the principal amount be x

simple interest = x × 10% × 2

= 0.2x

compound interest = amount - principle

amount = x ( 1+10%)^2

= 1.21x

compound interest = 1.21x - x

= 0.21x

According to the question

difference between both = 93

0.21x - 0.2x = 93

0.01x = 93

x = 93 ÷ 0.01

x = 9300