The difference between the CI and SI on a certain sum of
money at 10% p.a. for 2 years is Rs. 500. Find the sum when
the interest is compounded annually.
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Answer:
CI - SI = 500
R = 10%
T =2yr
SI = p*r*t/100
SI = p* 10 * 2/ 100
SI = p/5
CI =p(1+r/100)^n
CI = p ( 1 + 10/100) ^2
CI = p ( 11/10)^2
CI = p*121/100
CI - SI = 500
121P/100 - P/5 = 500
(121P - 20P) /100 = 500
101P = 50000
P=. 50000/101 = 495
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