Question

The difference between $CI$ and $SI$ for 2 years on the same sum at $5$% p.a is Rs. $240$. Find the sum.

Answer 1

$SI=p(1+\frac{2\times 5}{100})=\frac{11p}{10}$

$CI=p(1+\frac{5}{100}{)}^2=\frac{441p}{400}$

$\frac{p}{400}=240$

$⟹p=96000$