Discussion
If the compound interest on a certain sum for 2 years is Rs. 308 and the simple interest at same rate of interest and for same time is Rs. 280. Find the sum ?
Answer: A
The sum is Rs. 700.
Simple interest for 2 years is 280, so 140 a year. The extra Rs. 28 in compound interest is interest on the first year's interest, so the rate is \(28/140 = 20\%\).
\[ \begin{aligned} r &= \frac{28}{140} \times 100 = 20\% \\ P &= \frac{140 \times 100}{20} = 700 \end{aligned} \]
Check: compound interest at 20% on 700 is \(700 \times 1.44 - 700 = 308\).
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