What sum of money, the difference between simple interest and compound interest for 2 years becomes 80 at 4% interest per annum
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Answered by
0
Answer:
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Answered by
3
Hey Na Na Na!
Answer:
50000
Step-by-step explanation:
Formulae:
- S.I. = PRT/100
- C.I. = P[(1+R/100)ⁿ -1]
Let sum of money = P
→ S.I. - C.I. = 80
→ P(4)(2)/100 - P[(1+4/100)² -1] = 80
→ 8P/100 - 51P/625 = 80
→ 2P/25 - 51P/625 = 80
→ 50P/625 - 51P/625 = 80
→ P/625 = 80
[We got the negative sign because we took S.I. - C.I. and not C.I. - S.I., but you can eliminate the negative sign because the difference will anyway be positive always. You just need to reverse the order of taking difference, I hope you understand!]
→ P = 50000
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