Question

What will be the sum if the difference between simple interest and compound interest on a certain sum of money for two years at 10% is rs. 8?

Answer 1

sum is 328

solution

let principle is 800 and interest rate is 10%

in simple interest

800*10/100*2

80*2

160

in compound interest

1st year

800*10/100

80

2nd year

880*10/100

88

sum 80+88=168

difference

168-160=8

168+160=328