ICSE Class 9 Answered
the difference between the compound interest for 1 year , compounded half yearly and the simple interest for 1 year on a certain sum of money at 10% per annum is 360 . find the sum
Asked by sayantikasingh3318.9sdatl | 24 May, 2020, 09:01: AM
Expert Answer
Let the principal, P = Rs. x, r = 10%, t = 1 year
Using S.I. = Prt/100,
S.I. = Rs.(x × 10 × 1)/100 = Rs. x/10
No of conversion period, n = 2 × 1 = 2,
r = 10/2 = 5% per conversion period, P = x,
Using C.I. = P [(1 + r/100)n - 1],
C.I. = x [(1 + 5/100)2 - 1]
= x(21/20 ×21/20 - 1)
= x(441/400 - 1)
= (41/400)x
As per problem, C.I. - S.I. = Rs. 360
Or, Rs.(41/400)x - Rs.x/10 = 360
Or, Rs.(41/400 - 1/10)x = 360
Or, Rs. x/400 = 360
Or, x = Rs. 360 × 400 = Rs. 144000
Answered by Renu Varma | 24 May, 2020, 01:24: PM
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