Question 72
The difference between the compound interest and simple interest on ₹ x at 8% per annum for 2 years is ₹19.20. What is the value of x?
Solution
It will directly solved by formula which is; CI-SI = $$\frac{PR^2}{100^2}$$
CI-SI=19.20 , R =8% , P=?
19.20=$$\frac{\left(P\times\ 8\times\ 8\right)}{100\times\ 100}$$
$$P=\frac{\left(19.20\times\ 100\times\ 100\right)}{64}=3000$$
P= 3000
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