Question
Download Solution PDFThe difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 80. The sum (in Rs.) is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven Data:
Simple Interest and Compound Interest difference = Rs. 80
Time period = 2 years
Interest rate = 4% per annum
Concept:
The difference between compound interest and simple interest for 2 years can be found using the formula: CI - SI = P × (r/100)2, where P is the principal amount, r is the rate of
interest, CI is the Compound Interest, and SI is the Simple Interest.
Calculation:
Using the formula, P × (r/100)2 = CI - SI
⇒ Substitute the given values into the formula, P × (4/100)2 = 80
Solving for P,
⇒ P = 80/(4/100)2 = Rs. 50000
Therefore, the sum is Rs. 50000.
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