if the simple interest on a sum of money for 2 years at 5% per annum is rupees 50 what is the compound interest compounded annually on the same sum at the same rate for the same period of time
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Step-by-step explanation:
si=(p*r*t)/100
r=5%
p=?
t=2 yrs
50=(p*2*5)/100
50=p*10/100
50=p/10
p=500/-
ci=a-p
a=p*(1+(r)/100)^t
=500*(1+(2)/100)^2
=500*(102/100)^2
=520.2
a=520.2
c=a-p
=520.2-500
=20.2
hence the compound intrest =20.2
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