Question

7. The simple interest on a certain sum of money for two years at 5-% is 6,600.
2
What will be the compound interest on that sum at the same rate for the same
time period?
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Answer 1

the compound interest will be ₹7276.5

Answer 2

Simple interest-

SI=6600

Time= 2

Rate=5%

6600 =( 5 x 2 x P)/100

6600=10P/100

660000 = 10P

P = 66000.

Compound interest-

1st year-

CI= (66000 x 5 x 1)100

Ci= 3300

P= 69300

2nd year-

CI = (69300 x 5 x 1)/100

CI=3465

Amount = 72765

CI = 6765

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