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A sum of money invested at 5% per annum compound interest for 2 years and 146 days amounts to Rs. 9964 more than the simple interest on Rs. 80000 at 10% per annum for 2 years. Find the sum of money.
Mathematics
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Answer
Here's a short analysis of the solution:
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Convert time for Compound Interest (CI): The time period is .
Total time for CI is .
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Calculate Principal () from CI: The CI formula for a fractional period is . Given , , .
The interest is . Setting :
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Calculate Simple Interest (SI): Now, calculate SI for , , .
The final answer is .
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