Question
Download Solution PDFThe difference between the simple interest and the compound interest on a certain amount at 9% per annum for two years is ₹162, what is the principal?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Compound interest (C.I) - simple interest(S.I) = Rs.162
Rate = 9%,time = 2 years
Formula used:
For C.I:
Effective rate for 2 years = R% + R% + (R2/100)
For S.I:
Effective rate for 2 years = R% + R%
Calculation:
For C.I:
Effective rate for 2 years = R% + R% + (R2/100)
⇒ 9 + 9 + (92/100)
⇒ 18.81%
For S.I:
Effective rate for 2 years = R% + R%
⇒ 9 + 9 = 18%
Now,
⇒ C.I - S.I = P × difference between effective rate between C.I & S.I
⇒ 162 = P × (18.81 - 18)%
⇒ P = (162 × 100)/0.81
⇒ P = 20000
∴ The correct answer is 20000.
Alternate MethodCalculation:
Difference = P × (R/100)2
⇒ 162 = P × (9/100)2
⇒ P = (162 × 10000)/81
⇒ P = 20000
∴ The correct answer is 20000.
Last updated on Jun 26, 2025
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