the difference between the compund interest on a
certain
sum of
money
at 10% per anum for two years
is Rs 5oo. find the sum when the
the interest
is
compounded annually.
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Answer:
1. simple interest =p×r×t/100
=500×10×2/100000
= 100
= 500+100
=600
2. compound interest = p (1+r/100)^t
= 500 (1+10/100)^2
= 500×110/100×110/100
=605
=605+500
=1105
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