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Question 62
The compound interest on a certain sum at 4% per annum (compounded annually) for 2 years is ₹ 102. On the same principal at the same rate for the same time, the simple interest will be:
Solution
Let the principal be Rs.10000x
Rate of interest = 4%
Time period = 2 years
Then, Amount at Compound Interest = $$\dfrac{104}{100}\times\dfrac{104}{100}\times10000x = Rs.10816x$$
Compound Interest = Rs.10816x - Rs.10000 = Rs.816x
Given, 816x = 102 => x = 0.125
Then, Principal = Rs.10000x = Rs.10000*0.125 = Rs.1250
Simple Interest = $$\dfrac{1250\times4\times2}{100} = Rs.100$$
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