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On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4?
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On what sum difference between compound interest and simple interest f...
Calculating the Difference between Compound Interest and Simple Interest
Given:
- Principal amount (P) = ?
- Time (n) = 2 years
- Rate of interest (r) = 7%
- Difference between compound interest and simple interest = Rs. 29.4
Finding the Principal Amount:
- Let the principal amount be P.
- Using the formula for compound interest: A = P(1 + r/100)^n
- Using the formula for simple interest: A = P(1 + nr/100)
- Given that the difference between compound interest and simple interest is Rs. 29.4
- Therefore, P{(1 + r/100)^n - (1 + nr/100)} = 29.4
- Substitute the given values and solve for P.
Calculating the Compound Interest and Simple Interest:
- Once the principal amount is calculated, find the compound interest using the formula: CI = P(1 + r/100)^n - P
- Find the simple interest using the formula: SI = Pnr/100
Calculating the Difference:
- Difference = Compound Interest - Simple Interest
- Substitute the values of CI and SI to find the difference.
- If the calculated difference matches the given difference of Rs. 29.4, then the calculations are correct.
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On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4?
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On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4?.
On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On what sum difference between compound interest and simple interest for two years at 7% p.a. interest is Rs. 29.4?.
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