A person got Rs.48 more when he invested a certain sum at compound interest instead of simple interest for two years at 8% p.a. Find the sum?
Q1. A person got Rs.48 more when he invested a certain sum at compound interest instead of simple interest for two years at 8% p.a. Find the sum?
Answer: Rs0.75
Explanation: The extra earning from compound over simple interest for two years = P(r/100)² = 48; with r=8, P×0.0064=48, so P = Rs. 7500.