The difference between simple interest and compound interest on a sum for 2 years at 8% when the
interest is compounded annually is 16. Then, find the sum.
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The difference between simple interest and compound interest on a sum for 2 years at 8% when the
interest is compounded annually is 16. Then, find the sum.
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Answer:
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Step-by-step explanation:
For 1st year S.I =C.I.
Thus, Rs.16 is the S.I. on S.I. for 1 year, which at 8% is thus Rs.200
i.e S.I on the principal for 1 year is Rs.200
Principle = Rs.100*2008*1 = Rs.2500
Amount for 2 years, compounded half-yearly
Rs.[2500*(1+4100)4]=Rs.2924.4
C.I = Rs.424.64
Also, S.I=Rs.(2500*8*2100)=Rs.400
Hence, [(C.I) - (S.I)] = Rs. (424.64 - 400) = Rs.24.64