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Question 62
The difference between the compound interest and simple interest on ₹x at 7.5% per annum for 2 years is ₹45. What is the value of x?
Solution
C.I - S.I for 2 years = $$\frac{PR^2}{100^2}$$
45=$$\frac{P\left(7.5\right)^2}{100^2}$$
45=$$\frac{\left(P\times\ 56.25\right)}{100\times\ 100}$$
1=$$\frac{P}{100\times80}$$
P= Rs 8000
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