The difference between the compound interest and simple interest on a certain sum at 2% per annum for 2 years is Rs. 270. Find the sum.Choose the best optionClear Response575000675000595000625000
Question
The difference between the compound interest and simple interest on a certain sum at 2% per annum for 2 years is Rs. 270. Find the sum.Choose the best optionClear Response575000675000595000625000
Solution
The difference between compound interest and simple interest for 2 years is given by the formula:
P*(r/100)^2
Where: P is the principal amount (the sum we are trying to find) r is the rate of interest
Given in the problem: r = 2% per annum Difference = Rs. 270
Substituting these values into the formula, we get:
270 = P*(2/100)^2 270 = P*(0.02)^2 270 = P*0.0004
Solving for P, we get:
P = 270 / 0.0004 P = 675000
So, the sum is Rs. 675000.
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