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Question 8
The difference between the compound interest and simple interest for two years on a certain sum at a certain rate of interest is Rs. 64. The compound interest for two years is Rs. 704. The principal is
Solution
We have
$$P\left(\frac{R}{100}\right)^2=\ 64$$
And
$$P\left(1+\left(\frac{R}{100}\right)\right)^{^2}-p\ =\ 704$$
Now dividing both we get :
$$\frac{\left(\frac{R}{100}\right)^2}{\left(1+\frac{R}{100}\right)^2-1}\ =\ \frac{1}{11}$$
Solving we get R/100 = 5
Now substituting we get P = 64*25 = 1600
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