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The compound interest on a certain sum of money for 2 years was 920.25 and the simple interest was900 for the same amount.Find the amount of money and the rate of interest ?
Anonymous
Mar 13
The compound interest on a certain sum of money for 2 years was 920.25 and the simple interest was900 for the same amount.Find the amount of money and the rate of interest ?
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Mar 13
Let the principal amount be P and the rate of interest be R%.
Compound interest formula:
A = P(1 + R/100)^2
920.25 = P(1 + R/100)^2
Simple interest formula:
SI = PRT/100
900 = P * R * 2 / 100
From the simple interest formula, we get:
P = 45000 / R
Substitute the value of P in the compound interest formula:
920.25 = (45000 / R) * (1 + R/100)^2
Solving the above equation, we get:
R = 5%
Substitute the value of R in the simple interest formula:
900 = P * 5 * 2 / 100
P = 900 * 100 / 10
P = 9000
Therefore, the principal amount is 9000 and the rate of interest is 5%.
Compound interest formula:
A = P(1 + R/100)^2
920.25 = P(1 + R/100)^2
Simple interest formula:
SI = PRT/100
900 = P * R * 2 / 100
From the simple interest formula, we get:
P = 45000 / R
Substitute the value of P in the compound interest formula:
920.25 = (45000 / R) * (1 + R/100)^2
Solving the above equation, we get:
R = 5%
Substitute the value of R in the simple interest formula:
900 = P * 5 * 2 / 100
P = 900 * 100 / 10
P = 9000
Therefore, the principal amount is 9000 and the rate of interest is 5%.
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