Question

The difference between the compound interest and the simple interest on a certain sum for 2 years at 5% per annum is ₹60. Find the sum

Answer 1

Let sum be 'x'.
Rupees 60=x(5%/100)^2
60=x(1/20)^2
60=x(1/400)
x=60×400
Sum=rupees 24000