The difference between the compound interest and simple interest on a sum of money at 5% p.a. for a period of 2 years is Rs 486. If the interest is compounded annually, find the sum of miney.
Answers
Answered by
2
Answer:
THE SUM OF MONEY IS ₹1,94,400
Step-by-step explanation:
PARAMETERS GIVEN,
DIFFERENCE BETWEEN CI AND SI = ₹486
RATE% = 5%
TIME = 2 YEAR
LET THE PRINCIPAL BE x
SO,
FOR SI,
SI = PRT/100
= (x*5*2)/100
= x/10
FOR CI,
CI = [ P(1+R/100)ⁿ ] - P
= [ x(1+5/100)² ] - x
=[ x(21/20)² ] - x
SO,
A.T.Q.,
CI - SI = ₹486
{ [ x(21/20)² ] -x } - x/10 = 486
[(441x-400x)/400] - x/10 = 486
41x/400 - x/10 = 486
(41x-40x)/400 = 486
x = 486*400
x = ₹1,94,400
SO,
THE SUM OF MONEY IS ₹1,94,400
I HOPE YOU UNDERSTOOD THE QUESTION!!!
Similar questions