Ashifur September 9, 2023 - 18:29
Problem: The difference between a simple interest and annually compounded interest of a principal of 2 years at 8% interest rate is Tk. 12.80. What is the principal amount?

View all: NCC BANK LTD (MTO) WRITTEN QUESTION (MATH) SOLVE | 2018

Correct Answer: 2,000 tk

Explanation:

Let, the principal be Tk. x

so, Amount of compound interest = x $(1+\frac{8}{100})^{2}$-x = x$(\frac{100+8}{100})^{2}$-x = x $(\frac{108}{100})^{2}$-x = x$(\frac{27}{25})^{2}$-x

= x$\times \frac{729}{625}-x=\frac{729x}{625}-x=\frac{729x-625x}{625}=\frac{104x}{625}$tk

And amount of simple interest = $\frac{104x}{625}-\frac{4x}{25}$ =12.80

=> $\frac{104x-100x}{625}$ = 12.80

=> 4x = 625×12.80

=> x= $\frac{625×12.80}{4}$ = 625×3.20

so, x = 2,000 tk

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