Question

If the compound interest on a certain sum for 2 years at 5% per annum is Rs 41. The simplest is.

Answer 1

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Answer 2

Answer:

Given, rate r=5%, n=2 years, compound interest = Rs. 1100

Compound interest = Amount− Principal

Therefore, 1100=P(1+

100

5

)

2

−P

⇒1100=P(1.05)

2

−P

⇒1100=1.1025P−P

⇒P=

0.05

1100

⇒P= Rs. 22000

Simple interest =

100

PRT

=

100

22000×5×2

Simple interest = Rs. 2200