1. The difference between the interest earned on the same amount invested under compound interest and simple interest at same rate of interest for 2 years is Rs. 60. If the rate of interest is 4% p.a. find the amount invested. (in Rs.)
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By: anil on 05 May 2019 01.13 am
Rate of interest = 4% and time period = 2 years Let principal sum = Rs. $$P$$ Also, difference between compound interest and simple interest for 2 years = $$P(frac{r}{100})^2$$ => $$P(frac{4}{100})^2=60$$ => $$P=60 imesfrac{10000}{16}$$ => $$P=60 imes625Rs.$$ $$37,500$$ => Ans - (A)
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