Simple & Compound Interest · Question 14 · Hard
Simple & Compound Interest question 14
The compound interest on a sum for 2 years at 10% per annum is ₹525. What is the simple interest on the same sum for the same period and rate?
- ₹500
- ₹480
- ₹510
- ₹525
Answer and explanation
Answer: A. ₹500
Explanation: CI for 2 years at 10% = 21% of P, so P = 525 ÷ 0.21 = ₹2,500. SI = 2,500 × 10 × 2 / 100 = ₹500.
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