Question
Download Solution PDFThe difference between the interest received on the same sum of money invested on compound interest and simple interest at the same interest rate for two years is Rs 36. If the interest rate is 4% per annum, then calculate the amount invested (in Rs)?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
CI - SI = P × (r/100)2
Calculation:
Let the principal amount be P.
Given that CI - SI = Rs 36 and the interest rate r = 4%.
⇒ 36 = P × (4/100)2
⇒ 36 = P × (16/10000)
⇒ 36 = P × 0.0016
⇒ P = 36 / 0.0016
⇒ P = 22500
∴ The amount invested is Rs 22500.
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