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
1 answer:
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
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