Question

3. The compound interest on a certain sum of money for 2 years at 5% per annum is 102.50. Compound interest
of the same sum of money for the same period at 4% per annum is:​

Answer 1

Answer:

first of all you have to calculate the principal amount:

102.50=P[{1+(5/100)^2}-1]

P=1000

now you have to calculate the new cI by taking 4%as present rate

CI=1000[{1+(4/100)^2}-1]

CI=81.6

I hope it's correct lol