Abhay borrowed 62,500 from a bank at 8% p.a. for 2 years on simple interest. On the same
day, he lent it to Akshay at the same rate and for the same time, but compounded annually. How
much does he gain at the end of 2 years?
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Simple interest = p × r × l ÷ 100
S.l = 62500 × 8 × 2 ÷ 100
S.l = 10050
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