Simple interest and compound interest on a principal at a certain rate of interest for 2 years is Rs. 12800 and Rs. 14400 respectively. What is the principal?
12800 = P × R × 2/100 ......(i)
=> 14400 = P (1 + R2/10000 + 2R/100 - 1)
=> 14400 = PR (R/10000 + 1/50) ......(ii)
dividing equation (ii) by (i), we get
=> 9/8 = (R/10000 + 1/50) × 50
=> 9/8 = R/200 + 1
=> R =25% p.a.
so, P = 12800 × 100/50 = Rs. 25600
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