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Question
On what sum of money will the difference between the compound interest and simple interest for 2 years be equal to Rs. 25 if the rate of interest charged for both is 5% p.a.?
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Solution
C.I = `P[(1 + r/100)^2 - 1] = P[(1 + 5/100)^2 - 1] = "41P"/400`
`S.I = (P xx 5 xx 2)/100 = P/100`
Given, C.I. - S.I. Rs. 25
`=> "41P"/400 - P/10 = 25`
`=> (41P - 40P)/400 = 25`
`=> P = 10000`
∴ Required sum = Rs. 10,000
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