Question 73

The difference between the compound interest and simple interest on ₹x at 7% per annum for 2 years is ₹24.50. What is the value ofx?

Solution

SI for 2 years = (7%Of x) $$\times$$ 2= 14% of x

CI for 2 years = [$$7+7+\frac{(7\times7)}{100}$$]%of x = 14.49% of x

From question, (CI-SI) for 2 years = 24.50

$$\Rightarrow$$ 14.49% of x - 14% of x = 24.50

$$\Rightarrow$$ 0.49% of x = 24.50

$$\Rightarrow$$ x = $$\frac{24.50\times100}{0.49}$$

$$\Rightarrow$$ x= ₹ 5000

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