Compound Interest Practice Test 5

Question : 11 of 40

Marks: +1, -0

The difference between compound and simple interest on a certain sum of money for 2 years at 5%per annum is Rs. 21. Find the sum.

Solution:

Here,

P[(1+5/100)^2-1]-{P×5×2}/100=21

⇒P[441/400-1]-P/10=21

⇒P[41/400-1/10]=21

⇒P=8400

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