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Question 144
The difference between simple interest and compound interest of a certain sum of money at 20% per annum for 2 years is Rs. 48. Then the sum is
Solution
Difference between simple interest and compound interest for two years will beÂ
48 = $$\frac{2pr}{100} - ( \frac{2pr}{100} + \frac{pr^2}{10^4})$$ Â (where p is principal amount and r is rate per annum)
Putting r=20% and solving above equation for p, we will get p = 1200 rs.
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