Question 74
The simple interest on a certain sum for two years at the rate of 20% per annum is ₹250. What is the compound interest (compounded annually) on the same sum for the same period at the samerate of interest?
Solution
S.I= $$\frac{P \times R \times T}{100}$$
250 = $$\frac{P \times 20 \times 2}{100}$$
= 625
compound interest + P= $$P(1+\frac{R}{100})^2$$
=$$625(1+\frac{20}{100})^2$$
compound interest + P=Rs900
C I = Rs 275
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