Find the sum of money when the difference between the compound and S.I. on a certain sum of money for 2 years at 10% per annum is Rs. 15?
Q1. Find the sum of money when the difference between the compound and S.I. on a certain sum of money for 2 years at 10% per annum is Rs. 15?
Answer: Rs. 1500
Explanation: Difference between CI and SI for 2 years = P(r/100)² = P × 0.01 = 15. Solving gives P = Rs. 1500.