Question

Compound interest on a certain sum for 2 years at 10% p.a. is Rs 483.What would be the simple interest at the same rate and for the same time?

Answer 1

Rate of interest = 10 % =1/(10)

Let Principal (P) =(10)^2=100

Total C.I. = 21 unit = 483

1 unit = 23

P = 100 unit = 100×23= 2300

New Time = 2 years

and new rate = 10 %

S.I=(2300×2×10)/100

S.I= Rs.460

Hope it helps!...