Question

if the compound iterest on a certain sum for 2 years at 3% is Rs. 203,what would be the simple iterest on the same sum for the same period and rate?​

Answer 1

Answer:Let principal be P.

Then Amount = P + 203

According to formula, Amount = P*[1 + 0.03]^2

Hence, we get, P+ 203 = P*[1.03]^2

So, P + 203 = 1.0609P

So,  203 = 1.0609P-P

So, 0.0609P = 203

So, P = 3333.33

Hence, simple interest on p= 3333.33 @ 3% for 2 years

si=p*t*r/100  =rs 3333.33*[3/100]*2

= 199.99 =rs 200 ans

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