A person got Rs. 48 more when he invested a certain sum at compound interest instead of simple interest for two years at 8% p.a. Find the sum?
- Rs.8000
- Rs.7500
- Rs.5500
- Rs.5000
Explanation
Let the principal amount be P.
Simple interest (SI) for 2 years at 8% p.a. = (P x 8 x 2) / 100 = 0.16P
Compound interest (CI) for 2 years at 8% p.a. = P x (1 + 0.08)^2 - P = 0.1664P (approximately)
The difference between CI and SI is Rs. 48, so we can set up the equation:
0.1664P - 0.16P = 48
0.0064P = 48
Now, divide both sides by 0.0064:
P = 48 / 0.0064
P = 7500
So, the principal amount is Rs. 7500.
Related MCQs
- 20%
- 15%
- 10%
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
- Rs. 100
- Rs. 200
- Rs. 300
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
