Question 51
The difference between the compound interest and the simple interest on a certain sum of money at 10% per annum for 2 years is ₹200. What is the sum of money, if in the case of compound interest, interest is compounded annually?
Solution
The difference between the compound interest and the simple interest on a certain sum of money at 10% per annum for 2 years is ₹200.
Difference between CI and SI for two years = $$principal\left(\frac{rate}{100}\right)^2$$
$$200 = principal\left(\frac{10}{100}\right)^2$$
$$200=principal\left(\frac{1}{10}\right)^2$$
$$200=principal\times\frac{1}{100}$$
principal amount = ₹20000 (sum of money)
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