The difference between the CI and SI is 1/100 times the sum.Find the rate of interest per annum?
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Answer:
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Step-by-step explanation:
Compound interest = Amount − Principal
C.I.=P(1+
100
R
)
n
−P=P[[1+
100
14
]
2
−1]
C.I.=0.2996P
Simple interest, .S.I. =
100
PNR
S.I.=
100
P×14×2
S.I. =0.28P
Now C.I. − S.I. =100
⇒0.2996P−0.28P=100
⇒P=
0.0196
100
⇒P= Rs. 5102
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