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  • The difference between simple interest and compound interest on the same sum of money at 5 percent per annum for 2 years is rupees 15. determine the sum​

The difference between simple interest and compound interest on the same sum of money at 5 percent per annum for 2 years is rupees 15. determine the sum​

Answers (1)

Simple Interest Sum:

15 = P × 2 × 0.05

P = 150

So total amount after adding interest is = 165

Compound Interest Sum:
P + 15 = P( 1+0.05 )2

P+15 = 1.1025P

15 = 1.1025P - P

15 = P( 1.1025 - 1 )

P = 146.34

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lovekush

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