Question 62
The compound interest on a certain sum for 2 years at 3% per annum is ₹ 101.50. On the same principal, what will be the simple interest at same rate in same time?
Solution
$$P(1+\frac{R}{100})^{n}-P$$=101.5
$$P(1+\frac{3}{100})^{2}-P$$=101.5
P(3/100)(203/100)=101.5
P=5000/3
I=PTR/100
I=5000*2*3/300
I=100
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