Question 61
The difference between the simple interest and compound interest on a principal at the rate 5% per annum for 2 years is ₹25. What is the principal?
Solution
The difference between the simple interest and compound interest on a principal for 2 years = $$P(\frac{r^2}{100^2})$$
Using the above formula ,
25 = $$P \frac{5^2}{100^2}$$
P = 10000
So , the answer would be option a)₹10000
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