If the compound interest on a certain sum for 2 years at 4% p.a. is Rs.97.92, the simple interest at the same rate of interest for two years would be
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Answer:
Given, rate r=5%, n=2 years, compound interest = Rs. 1100
Compound interest = Amount− Principal
Therefore, 1100=P(1+1005)2−P
⇒1100=P(1.05)2−P
⇒1100=1.1025P−P
⇒P=0.051100
⇒P= Rs. 22000
Simple interest = 100PRT
= 10022000×5×2
Simple interest = Rs. 2200
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HERE IS ONE EXAMPLE :-
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Time = 2 years
Rate = 4%
Compound lnterest = Rs. 100
NOTE:
CI for 2 years =R+R+R×R/100
Where R - Rate of Interest
Combined Rate% of CI for 2 years =4+4+4×4100=8.16%
SI for two years
=2×4=8%
According to the question
SI for 2 years
=1028.16×8=Rs.100
Hence, required simple interest = Rs. 100
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