Question
Download Solution PDFIf the difference between the Compound interest (com- pounded annually) and simple interests, on certain sum of money for 2 years at the rate of 4% per annum is Rs. 1.00, then. the sum (in Rs.) is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Difference between Compound Interest (CI) and Simple Interest (SI) for 2 years = Rs. 1.00
Rate of interest (R) = 4% per annum
Formula Used:
CI - SI for 2 years = P × (R/100)2
Calculation:
Given, CI - SI = Rs. 1.00
We know, CI - SI for 2 years = P × (R/100)2
⇒ 1 = P × (4/100)2
⇒ 1 = P × (16/10000)
⇒ 1 = P × 0.0016
⇒ P = 1 / 0.0016
⇒ P = 625
The sum is Rs. 625.
Last updated on Jun 12, 2025
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