Question
Download Solution PDFIf the difference between compound interest, compounding annually and simple interest on a certain sum at 10% per annum for 2 years is ₹464, then find the sum invested.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
Rate of interest = 10% per annum
Time = 2 years
Difference = Rs. 464
Concept:
For 2 years,
D = P × (r/100)2,
where P is the principal amount and r is the rate of interest.
Calculation:
P = Difference/((Rate of interest / 100)2)
⇒ P = 464/((10/100)2) = Rs. 46,400
Therefore, the sum invested is Rs. 46,400.
Last updated on Jul 8, 2025
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