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Question
The simple interest and the compound interest on a certain sum of money for 2 years at the same rate of interest are Rs 8,000 and Rs 8,640 respectively. Calculate the rate of interest and the sum.
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Solution
The extra interest earned= C.I. - S.I. =Rs (8,640 - 8,000) =Rs 640.
The interest for the first year = S. I. for 2 years / 2 = Rs `8000/2` = Rs 4000
Therefore, the rate of interest = `640/4000 xx 100 = 16 %`
Now ,
S.I. = `("P" xx "r" xx "t")/100`
`=> "Rs" 8000 = ("P" xx 16 xx 2)/100`
`=> P = Rs (8000 xx 100)/32`
`=> P = "Rs" 25000`
The rate of interest was 16°/o and the original sum was Rs 25,000.
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