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Question
The difference between the compound interest and simple interest on a certain sum for 2 years at 7.5% per annum is Rs 360. Find the sum.
Solution
Let the sum be P .
Thus, we have:
CI - SI = 360
\[\left[ P \left( 1 + \frac{R}{100} \right)^n - P \right] - \frac{P \times 7 . 5 \times 2}{100} = 360\]
\[P\left[ \left( 1 + \frac{7 . 5}{100} \right)^2 - 1 \right] - \frac{P \times 7 . 5 \times 2}{100} = 360\]
\[P\left[ 1 . 155625 - 1 \right] - \] 0.15P= 3600.155625P - 0.15P=3600.005625P= 360p=`360/0.005625P` = 64000
Thus, the required sum is Rs. 64.
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