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The difference between simple interest and compound interest on a certain sum of money at 20% per annum for 2 years is 48. Find the principle. Please help
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The difference between simple interest and compound interest on a certain sum of money at 20% per annum for 2 years is 48. Find the principle.

Please help

User Charlie Kotter
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1 Answer

2 votes
It will be $68.33:

A-I=P(1+r/n)^(nt)-Prt

$48=P{(1+r/n)^(nt)-rt}

p=$48/{(1+.2/1)^(2)-.2*2)= $68.33


User Gus Shortz
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