The difference between the simple interest and compound interest on a certain sum of money for 2 years at 15% p. A. Is rs. 45. Find the sum
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Let the sum be x.
R = 15 % p.a.
T= 2 years
SI=x*15*2 / 100=3x / 10
A=x(1+ 15/100)²
=x(23/20)²=529x/400
CI=529x/400 - x = 129x /400
Acording to the question,
129x/400 - 3x/10 = 45
129x - 120x/ 400=45
9x/400=45
x= 45*400 / 9= 2000
therefore the sum is Rs 2000
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