Question
Download Solution PDFThe difference between the simple and compound interest on a certain sum of money for 2 years at 10% per annum is ₹750. What is the sum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Time = 2 years
Rate of interest = R = 10%
The difference between the simple and compound interest = ₹750
Formula:
The difference between the simple and compound interest for 2 years = P (R/100)2
Where, P = Principal amount
Calculation:
By putting the given values in the formula
750 = P (10/100)2
750 = P (1/100)
P = Rs. 75000
Required Sum = 75000
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