the difference between the compound interest and simple interest on a certain sum at 10% per annum for 2 years is rupees 631 find the sum
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let sum,pricipal amount=x
Simple interest=p*r*t/100=x*10*2/100=x/5=0.20x
in compound interest
amount become=p[1+r/100]^n
=x[1+0.1]²=x*1.21
Compound interest=1.21x-x=0.21x
Diffrence=0.21x-0.20x=631
0.01x=631
x= Rs 63100 Which is required sum amount
Simple interest=p*r*t/100=x*10*2/100=x/5=0.20x
in compound interest
amount become=p[1+r/100]^n
=x[1+0.1]²=x*1.21
Compound interest=1.21x-x=0.21x
Diffrence=0.21x-0.20x=631
0.01x=631
x= Rs 63100 Which is required sum amount
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