what is the difference between the compound interest and the simple interest on the certain sum of two years at 5% per annum is 60 find the sum
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Step-by-step explanation:
Difference between SI and CI for 2 years =25/-
Rate of Interest is 5%/-.
Rs.25/- is the interest earned on interest earned during the first year. Therefore interest earned during the first year =
5% = 25. Therefore 100%=2500/5 =500.
•Hence interest earned during 1st year is 500 which is 5%. Therefore sum = 50000÷5 = Rs.10000/-.
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