The difference between the compound interest and simple interest on a certain sum at 25% per annum for 2 years is Rs. 937.5. Find the sumChoose the best optionClear Response13000150001200018000
Question
The difference between the compound interest and simple interest on a certain sum at 25% per annum for 2 years is Rs. 937.5. Find the sumChoose the best optionClear Response13000150001200018000
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: R = 25% Difference = Rs. 937.5
Substituting these values into the formula, we get:
P*(25/100)^2 = 937.5 P*(625/10000) = 937.5 P = 937.5 / (625/10000) P = 15000
So, the sum is Rs. 15000.
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