Question
The difference between the interest payable on a sum
invested for three years at 20% compound interest per annum compounded annually and 20% simple interest per annum for the same period is â‚ą320. What is the value of the sum invested?Solution
Let the sum invested be Rs. P. According to the question, (P (1 + 20/100)3 - P} - {(P x 20 x 3) / 100} = 320 0.728P- 0.6P = 320 P=448 / 0.128 P = 2500 The value of the sum invested is Rs. 2500.
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