On what sum of money does the difference between the simple interest and compound interest in $2$ year at $5$ % per annum is $R s 15$ ?

Open in App

Solution

$S . I = \frac{P R T}{100} = \frac{P (5) (2)}{100} = 0.1 P$

$C . I = P [(1 + {\frac{R}{100}}^{n}) - 1] = P ({1.05}^{2} - 1) = 0.1025 P$

$C . I - S . I = 0.0025 P = 15$

$\Rightarrow P = 6000 R s$

Suggest Corrections

Similar questions

On what sum of money will the difference between simple interest and compound interest for 2 years at 10 % per annum be ₹ 27

On what sum of money does the difference between the simple interest and compound interest in $2$ years at $5 %$ is $R s . 15$

Join BYJU'S Learning Program