Latest self Aptitude Question SOLUTION: The difference between simple and compound interest on a certain sum of money at 5% p.a. for 2years is Rs 160. Find the sum.

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(#M40010617) SELF question Keep an EYE

The difference between simple and compound interest on a certain sum of money at 5% p.a. for 2years is Rs 160. Find the sum.

Arjun (11 years ago)

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PARAG KAMRA  (11 years ago)

let the sum will be x,then
compound interest=p(1+r/n)^nt=x(1+5/100)^2-x=(11025x/10000)-x=1025x/10000=41x/400
simple interest=p*q*r/100=(x*5*2)/100=10x/100=x/10
the difference between simple and compound interest on a certain sum p is 160
(41x/400)-x/10=160
x/400=160
x=64000(ans)
in prev solution i missed to put x,so avoid that sol.

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Garima  (11 years ago)

If P is principal and I is interest for first year , then
diff between simple and compound interest on a certain sum of money is the interest on interst for first year.

160 = I*5/100 = (P*5*1/100)*5/100
P = 160*100*100/25 = Rs. 64000

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PARAG KAMRA  (11 years ago)

simple interest=p*q*r/100,compound interest=p(1+r/n)^nt
now the
suppose sum is p
he difference between simple and compound interest on a certain sum p is 160
p(1.05)^2-(p*5*2)/100=160
401p=160*400
p=159.6(ans)

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