ICSE Class 9 Answered
On a certain sum of money ,the difference between the CI for a year ,payable half-yearly and the SI
for a year is Rs.120.Find the sum lent out ,if the rate of interest in both cases is 10% p.a.
It's answer is coming 48,000 please tell me how ?
Asked by ayushmani1871 | 24 Jul, 2019, 11:33: PM
Expert Answer
Let P be the sum of money invested.
The difference between the CI for a year ,payable half-yearly and the SI
for a year is Rs. 120.
Compound interest when compounded half-yearly is at 10% p.a. is 10/2 = 5% half yearly
CI = P(1 + 5/100)2 - P
P(1.05)2 - P - P × 10/100 = 120
P(1.1025 - 1 - 0.1) = 120
Solving this we get P = Rs. 48,000
Answered by Sneha shidid | 25 Jul, 2019, 10:47: AM
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