Calculate the principal amount if the difference between the compound interest and simple interest on it for 2 years at an annual rate of 10% is Rs. 15.

Explanation

The difference between compound interest (CI) and simple interest (SI) for 2 years at 10% per annum is given by P × (r/100)^2 = 15. Substituting r = 10, we get P × (10/100)^2 = 15 ⇒ P × (1/10)^2 = 15 ⇒ P × 1/100 = 15 ⇒ P = 15 × 100 = Rs. 1500.